1In small bowl, stir orange butter ingredients with wooden spoon until blended. Cover; refrigerate until serving time.
2In shallow dish, stir milk, Bisquick mix, vanilla, 1 teaspoon orange peel, the orange juice and eggs with fork or whisk until blended. In each slice of bread, cut 3-inch pocket through top crust. Spread 1 tablespoon hazelnut spread in each pocket.
3Heat griddle or skillet over medium heat (350°F); melt 2 tablespoons butter on griddle. Dip bread in egg mixture, coating both sides. Place bread on hot griddle; cook about 4 minutes, turning once, until golden brown.
4Sprinkle French toast with additional powdered sugar; top with additional hazelnut spread. Serve with orange butter.