Meanwhile, drain clams, reserving the liquid. Set clams aside. Add water, if necessary, to the reserved liquid to equal 1 cup. Set aside.
For sauce, in a medium saucepan cook the onion and garlic in hot oil until onion is tender. In a screw-top jar shake together milk and flour until smooth. Add to saucepan along with salt, lemon-pepper seasoning, and the clam liquid. Cook and stir over medium heat until thickened and bubbly. Cook and stir for 1 minute more. Stir in the clams, peas, parsley, wine or broth, and basil. Heat through.
Serve sauce over hot pasta. If desired, sprinkle each serving with Parmesan cheese or bread crumbs. Makes 4 servings.