Place bacon in a large skillet and cook over medium-high heat, turning occasionally, until evenly browned, about 10 minutes. Drain bacon slices on paper towels. Break each piece in half.
Heat oil in a skillet over medium heat.
Whisk milk, egg, and nutmeg together in a shallow bowl. Dip each bread slice in the egg mixture.
Cook dipped bread slices in the hot oil until French toast is lightly browned, 2 to 3 minute per side. Transfer French toast to a work surface and turn heat under skillet to medium-low.
Spread cranberry sauce over 1 French toast piece and top with turkey, provolone cheese, and bacon. Spread mustard on the other French toast piece and top with ham; lay on top of bacon layer, ham-side down, creating a sandwich.
Cook sandwich in the skillet until cheese is melted and sandwich is heated through, 3 to 4 minutes per side.