Combine evaporated milk, egg substitute, and sugar, stir constantly over low head in a nonstick saucepan, until bubbles begin to form around the edges and the mixture thickens. Should be 12-15 minutes.
Add skim milk, vanilla, cinnamon, and nutmeg. Kick up the heat to medium, whisk constantly until just heated through, should be about 5 minutes. Serve at once and sprinkle with the fresh grated nutmeg if you wish.