Cook rice according to package directions, except omit any salt. If using frozen black-eyed peas, cook peas according to package directions; drain.
In a covered 12-inch skillet cook sweet peppers, carrots, corn, shallot, garlic, thyme, salt, crushed red pepper, and black pepper in hot oil for 6 to 8 minutes or until vegetables are crisp-tender, stirring occasionally.
Stir the cooked rice, black-eyed peas, and tomatoes into vegetable mixture. Cook, covered, over low heat about 5 minutes or until heated through, stirring occasionally. Stir in parsley.
Meanwhile, cut the grits mixture into 12 wedges. Arrange wedges on the greased unheated rack of a broiler pan. Broil 4 to 5 inches from the heat for 4 to 5 minutes or until surface is slightly crisp and beginning to brown. Serve the rice mixture over polenta wedges.
In a medium saucepan combine 1-1/3 cups water, 2/3 cup fat-free milk, and 1/8 teaspoon salt. Bring to boiling; reduce heat. Slowly add 1/2 cup quick-cooking white (hominy) grits, stirring with a whisk. Cook and stir for 5 to 7 minutes or until very thick. Remove from heat. Stir in 1/2 cup shredded reduced-fat mozzarella cheese until melted. Spread in a greased 9-inch pie plate.