Lightly coat a 2-quart rectangular baking dish with cooking spray; set aside. In a medium bowl beat together the evaporated milk, egg product, 3 tablespoons sugar, vanilla, 1/2 teaspoon cinnamon, and nutmeg. Arrange the bread slices in a single layer in prepared baking dish. Pour egg product mixture evenly over slices. Cover and chill for 2 to 24 hours, turning bread slices once with a wide spatula.
Combine crushed shredded wheat biscuit and melted butter; sprinkle evenly over the bread slices. Bake, uncovered, in a 375 degree F oven about 30 minutes or until light brown.
Meanwhile, in a small bowl toss together strawberries, 3 tablespoons sugar, and 1/2 teaspoon cinnamon. Serve with French toast. Makes 6 servings.