In a medium-sized mixing bowl, combine the freshly grated cheddar cheese, chopped pimentos, mayonnaise, Worcestershire sauce, and hot sauce. Using a spatula, gently fold the ingredients together until evenly mixed. Taste the mixture and season with salt and pepper as needed, keeping in mind the cheese and mayonnaise already provide a salty base.
Transfer the prepared mixture into an airtight container and refrigerate for at least one hour. Chilling allows the flavors to blend harmoniously. While refrigeration will cause the spread to firm up, there is no need to stir again before serving.
Store the pimento cheese tightly covered in the refrigerator for up to five days. Freezing is not recommended, as it may alter the texture of the cheese and mayonnaise. Enjoy as a spread, dip, or sandwich filling.