Make the Basil Butter: Combine butter, oil, basil, lemon zest, honey, and a pinch of salt and pepper in a bowl and use a fork to combine well. Taste for seasoning and add more salt or pepper if necessary. Scrape out of the bowl and onto a piece of plastic wrap and form into a log. Wrap and refrigerate at least 30 minutes to harden.
Prepare the oysters: Drain the oysters and reserve their liquor. Beat the egg with the liquor and Tabasco. Mix the crumbs with the cayenne. Dredge the oysters first in egg, then roll in crumbs. Refrigerate 30 minutes to 2 hours.
minutes before you are planning to eat: Remove the steaks from the chiller and trim excess fat. Season them with salt and pepper.
Heat a cast iron skillet over high heat for one minute.
Place the steaks in and set a timer for 4 minutes (for medium-rare).
Turn the steaks after 4 minutes and set a timer for another 4.
Begin heating 1/2″ of vegetable oil in a skillet until it reaches 375 F or a crumb sizzles when dropped in.
When the steaks are done, remove to plates and add half the basil butter the the hot skillet, then pour melted butter and pan drippings over steaks. Set them aside to rest and keep warm.
Fry the oysters in the hot oil for 1 minute on each side, or until golden brown and crisp.
Drain briefly on a paper towel.
Top each steak with another pat of basil butter and three oysters.
Serve with lemon wedges to squeeze over everything.
The compound butter is also ab-fab on vegetables and fish, FYI.