When I do want a Franks-type wing sauce I usually just go with straight Franks, no butter. I don't like the Franks wing sauce at all; not sure what they add but it sure ain't butter.
Adding a small amount of vinegar and cayenne to Franks works out pretty well... it really depends what taste you are looking for. Dumping in some lime juice and coriander is interesting too.
One thing I'm gradually learning is that if you bake the wings for a long time (either on a kettle or oven) most of the fat renders out, leaving you with a crispy wing that can take more fat in the sauce (for more taste). You definitely need to match the cooking technique and the sauce.
If you want some more good ideas, try :
http://tvwbb.infopop.cc/eve/forums/a/tpc/f/4880069052/m/5180093152
