Heat oven to 375°F. Spray fluted tube cake pan with nonstick cooking spray. Brown ground beef in large skillet over medium heat until thoroughly cooked, stirring frequently. Drain well. Add taco seasoning mix, chiles, water and egg product; mix well. Cook and stir 1 to 2 minutes or until mixture thickens. Stir in 1 cup of the cheese. Cool while shaping biscuits.
Separate dough into 16 biscuits. Split each biscuit to make 32 rounds. Press out each biscuit half to form 4-inch round. Place 1 rounded tablespoon beef mixture in center of each round. Bring up sides of dough over filling; pinch edges to seal. Place, seam side down, randomly in sprayed pan.
Bake at 375°F. for 33 to 43 minutes or until dark golden brown. Cool in pan for 5 minutes. If desired, line serving platter with leaf lettuce. Invert biscuit ring over lettuce. Immediately sprinkle with remaining 1 cup cheese. Let stand 5 minutes to melt cheese. Cut into slices. Serve with salsa. If desired, garnish with pimiento-stuffed green olives, chopped green onions or fresh parsley.