Note: To make the flank steak easier to slice, cover and freeze for 30 minutes and slice steak across the grain.
Sprinkle steak slices with oregano, salt, and pepper. Heat an electric skillet (or a large nonstick skillet) to medium-high. Add 1 tablespoon olive oil. Sauté steak about 2 minutes, stirring constantly. Remove steak from skillet and set aside.
Add remaining oil, sliced shallots, and red pepper. Let shallots caramelize and red pepper slices begin to brown, about 5 minutes, stirring every minute or so. Add mushrooms, sautéing another few minutes. Return steak to skillet, add garlic, and sauté until thoroughly heated.
Push sautéed meat and veggies to one side of the electric skillet. (If using a nonstick skillet on the stove, remove meat and veggies and set aside, then follow the next steps in batches.) Slice hoagie rolls ¾ of the way through. Place hoagie rolls in the electric skillet cut-side up, spreading mayonnaise on the inside of each. Top with meat and veggies, crumbled bleu cheese, and sliced provolone. Place lid on the skillet and heat until cheese is melted, 3 to 5 minutes. Remove cheesesteaks from skillet and top with banana peppers (optional).
Per serving: 741 calories, 39 grams fat (14.5 grams saturated fat), 96 milligrams cholesterol, 1,268 milligrams sodium, 50 grams total carbohydrates, 3 grams fiber, 52 grams protein.