Heat a large pot of water to boil for pasta.
Heat a large skillet over medium-high heat with EVOO, 2 turns of the pan. Add pancetta and render to golden and crisp at edges, 3 minutes. Add garlic and shallots, stir to coat in drippings, then add peas and asparagus and sauté 3-4 minutes to tender crisp. Season with salt and pepper. Add wine, evaporate and remove from heat.
Salt water and cook pasta to 1 minute shy of al dente. Remove a mug full (1 to 1¼ cups) boiling starchy water just before draining pasta.
While pasta cooks, combine cheeses in large mixing bowl and season with salt, pepper, chili flakes and thyme. Add hot cooking water from pasta to combine and add pasta, peas and asparagus. Taste to adjust seasonings and serve.