In a bowl combine milk and eggs, whisking together until they are fully combined.
In a separate bowl combine flour, 1 teaspoon of salt, pepper, paprika, and cayenne, whisking together.
Place cube steak, the flour bowl, and the egg bowl next to each other in an assembly line.
Using the remaining 1 teaspoon of salt lightly salt the steak.
Dip the steak into the flour lightly coating it.
Dip the steak into the egg mixture.
Dip the steak back into the flour, making sure it is well coated before sitting aside. Repeat steps for each piece of cube steak.
Heat a skillet with ½ a cup of vegetable oil in it over medium heat. You will know it is hot enough when you toss a small piece of flour into the oil and it sizzles.
Add the steaks to the oil, cooking in batches. Cook until the outer crust is a medium brown and crisp. Then turn and continue to cook until the other side is the same and the meat is cooked through. Approximately 3-5 minutes per side.
Set cooked pieces of steak on a paper towel-lined plate to absorb excess oil. Continue the process until all of the steaks are cooked. If needed add the remaining vegetable oil.
Once all of the steaks are cooked drain the oil from the pan reserving ¼ cup in a heat-proof container.
Add the oil back to the pan and heat over medium heat. Add the flour to the oil and whisk together until it forms a roux and the flour becomes light golden brown. Approximately 2 minutes.
Add the milk to the roux and continue to cook and whisk, bringing the gravy to a boil. Add salt and pepper and stir until the gravy is smooth and has thickened to the desired consistency. Approximately 5 - 10 minutes.