Cut meat into strips no thicker than 1/4 inch. In a large bowl, mix together onion powder, pepper, garlic powder, salt and Italian seasoning. Stir in Worcestershire sauce, soy sauce and pepper sauce (optional). Place meat into a container, and combine with marinade. Cover, and refrigerate 24 hours.
Place oven rack on the highest level. Place aluminum foil on bottom of oven to catch drips. Preheat oven to 150 degrees F (65 degrees C).
Insert round toothpicks through the tops of the strips of meat, and hang them from the oven rack. Bake in preheated oven for 4 hours, or until dried to desired consistency.