Preheat the oven to 200 F. This is to keep the fried chicken warm as you cook subsequent batches.
Combine the milk, eggs, and hot sauce (if using) in a medium bowl. Whisk to blend.
Combine the flour, salt, and pepper in a large food storage bag.
Dip the chicken pieces in the egg and milk mixture and turn to coat. Place the dipped piece of chicken on a plate and repeat with the remaining pieces.
Transfer about 4 of the dipped pieces to the bag with the flour and shake to coat the chicken. Repeat with the remaining pieces.
Heat the oil in a deep, heavy skillet to 350 F.
While the oil is heating, line a baking sheet with paper towels. Place a rack in a second baking sheet.
Fry the chicken, 2 to 3 pieces at a time, for about 10 minutes on each side, or until golden brown and cooked thoroughly. Remove the chicken pieces to pan with the paper towels. Sprinkle with salt and transfer to the pan with the rack. Place the pan in the oven to keep warm while you fry the rest. Repeat with the remaining pieces of chicken.