Preheat the oven to 250°F. Have nearby an extra large rimmed baking pan or two large sheet pans.
In an x-large mixing bowl (or directly on the pan) stir together chex cereals, Cheetos, Bugles, pretzels and peanuts until evenly distributed.
In a microwave safe bowl, melt the butter with the seasonings. Add a few dashes of hot sauce to your taste.
Stir or whisk until the spices have dissolved. Pour seasoned butter mixture over dry chex mix ingredients and use a large spoon or rubber spatula to gently stir to coat.
Spread chex mix evenly onto the prepared pan..
Place the pan into the oven and bake for 1 hour 15 minutes, stopping to stir every 15 minutes.
Spread on parchment paper to cool completely. Store in an airtight container at room temperature.
Notes
Bugles are a Must for this Chex Mix - While Bugles aren't necessarily a classic ingredient in the original snack mix, it's a staple ingredient in our family's party mix. Bugles were always in my Grandma's kitchen waiting for us to enjoy when we visited and they hold a nostalgic place in my heart. I can't imagine making a batch of chex mix without them. If you prefer to substitute, you could use Fritos, instead.
Cereal - You could substitute another cereal such as Cheerios for a portion of the Chex cereal.
Popcorn - Add caramel popcorn if you like sweet and salty flavors. You could also include cheesy popcorn or simple buttered popcorn.
Crackers - There's also flexibility to utilize different flavors of crackers. Cheez it crackers in party mix is classic, but you could add Italian flavored crackers, goldfish crackers, everything bagel crackers or sesame sticks for added flavor.
Spice - Wasabi peas are a fun spicy addition as well as bite-sized crisp breads and bagel chips for crunch.
Nuts - If cashews or walnuts are your thing, use them in place of the peanuts in the same amount. If the word "party" is in the title you have full reign to turn this snack mix into something fun to eat.