Combine panko and chips together in a shallow dish. In a separate shallow dish, combine flour, salt, and pepper. Blend beaten eggs and milk together in a third dish. Dredge shrimp in the flour and shake off excess, dip in the egg mixture, and then roll in the panko-chip crumbs.
Heat 1 inch of oil in a large straight-sided skillet until it reaches 375°. Working in batches, fry shrimp until golden and cooked through, 2–3 minutes. Drain on paper bags. Serve with Spicy Dipping Sauce.