My family loves for me to make this as soon as eggnog is available in the stores. Janet said that she makes this too.
She dips the bread in just eggnog and cooks iton her griddle, but said that this way it never gets that crisp browning on it.
When I make it I use about 1 1/2 cups eggnog, 1/2 cup milk and an egg or two.
When your using eggnog you don't want your bread left in the mixture to long, in fact it's best to just dredge it through enough to just get it covered.
Mine gets crisp on the outside, but if you've accidentally let it soak up too much mixture I will sometimes bake it in the oven for an extra 10 minutes at 350, after cooking it in a griddle.