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1. In a grill with a cover arrange preheated coals around a drip pan. Test for medium heat above pan. Place the steaks on the grill rack directly over the drip pan. Cover and grill steaks to desired doneness, turning once. (Allow 16 to 20 minutes for medium-rare doneness or 20 to 24 minutes for medium doneness.)
2. Meanwhile, for flavored butter, stir together Gorgonzola or blue cheese, cream cheese, butter, and nuts. Shape into 1-inch-diameter log. Wrap in plastic wrap; chill.
3. Season grilled steaks to taste with salt. Slice flavored butter into 8 slices. Place 1 to 2 slices of flavored butter on each steak. Sprinkle with basil or parsley. Makes 4 servings.