Add hot water to dried mushrooms in bowl; let stand 15 min. Meanwhile, heat 1 Tbsp. oil in large skillet on medium heat. Add fresh mushrooms, onions, crushed pepper and 1/4 cup cheese; mix well. Cook 10 min., stirring frequently.
Add soaked mushrooms (with liquid) to skillet along with the tomatoes and thyme; stir. Bring to boil; simmer on medium-low heat 10 min., stirring frequently.
Meanwhile, heat oven to 425 degrees F. Place bread slices in single layer on baking sheet. Brush with remaining oil; sprinkle with remaining cheese. Bake 10 min.
Spoon mushroom mixture onto toast slices just before serving.