I doubt that hot sauce would act as a deterrent Jack, and I'd bet, in fact, it would be more of an attractant, if you're talking about using it as a preventative measure (to smear on something in order to say "stay away"

It's been documented that even the UDAP bear sprays when applied to, say a tent or something, as a preventative measure, may actually attract bears. The spray is only to be used in self defense at the moment of attack.

Guns are always good if legal (unlike Yellowstone park or something), but many "bear experts" do swear by the spray and say it is quicker and your less likely to miss in the heat of an attack with it. I carry a can in griz country when fishin or bowhunting. Now though when bowhuntin I'm gonna have to carry a handgun and spray. Spray for the bears. Handgun for the wolves