I made it last night. I used 12 oz Marie's Bleu Cheese dressing instead of 16 oz of ranch. That was the only change I made. The end result came out incredibly greasy (as in broken) and it was just way too salty.
Someone else on the board mentioned that they use half of the recommended amount of hot sauce and half the recommended amount of dressing. I think that would help a lot. I am a saltaholic so when I say this was too salty take my word for it. The entire bottle of Frank's Red Hot Sauce contains 14 THOUSAND mg of sodium! That's just the sauce, add the cream cheese, dressing, and cheese and that is over the top on the sodium per serving!
Besides halving the sauce and the dressing I would add some cayenne to make up for the missing heat.