One thing I would recommend adding to the method above is the "three pour" method, which assumes that you have a kitchen thermometer (and if you're heating up oil you absolutely should):
- Heat the oil to 190C per the recipe
- Pour a third or a half of the oil onto the chilis as directed
- Let the oil cool down to 135C and pour half the remaining oil onto the chilis
- Let the remaining oil cool down to 85C and then pour it onto the chilis
It's a little more work and time but the different temperatures supposedly (I haven't done any empirical testing) help bring out more nuance ("fragrance, redness, heat"). Plus you're handling less oil at 190C, which is just plain safer.
(and to answer the OP my favourite hot sauce is Valentina Black Label, although we have a jar of a great local sauce that I need to use more of.)

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