Combine flour, seasoned salt, pepper, and cayenne in a dish.
Whisk together 1 cup milk and eggs in a separate dish.
To bread the meat, first dredge in flour, then dip quickly in egg mixture, then put back into the flour to coat on both sides. Continue until all the meat is breaded.
Heat canola oil with 2 tablespoons butter in a large skillet over medium to medium-high heat. Fry steak strips 4 or 5 at a time, turning midway through. When golden brown, remove from the pan to a paper towel-lined plate. Can also use a cooling rack placed on top of pan. Continue until all the meat is done. Loosely cover with foil or place pan with cooling rack in oven on warming.
To make the gravy, pour off all the grease from the pan. Add ~1/4 cup of the grease back in, then sprinkle on 2 to 4 tablespoons of the flour mixture (or you can use fresh flour.) Whisk mixture till it becomes a paste (add more flour if you need to) and cook the paste over medium-low heat until it's deep golden brown. Pour in milk, whisking constantly. Allow the gravy to cook and thicken, whisking regularly and adding more milk if it seems too thick right off the bat.