Shrimp
Place shrimp in a large bowl. Add cold water just to cover. Stir in Old Bay and lemon slices.
Let shrimp soak for 2–3 minutes to refresh and lightly infuse with flavor.
Drain shrimp well and pat completely dry with paper towels.
Transfer shrimp to a serving platter. Sprinkle with lemon zest and a light dusting of Old Bay, then drizzle lightly with extra-virgin olive oil. Toss gently to coat.
Cocktail Sauce
In a small bowl, stir together ketchup, horseradish, lemon juice, Worcestershire sauce, and hot sauce if using. Chill until ready to serve.