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Dissolve yeast in warm water in 2 1/2 quart bowl. Add milk, salt, eggs, shortening, and 2 cups flour. Beat on low speed scraping bowl constantly, 30 seconds. Beat on medium speed, scraping bowl occasionally, 2 minutes. Stir in remaining flour until smooth. Cover and let rise in warm place, until double, 50-60 minutes. (Dough is ready when indentation remains when touched.) Turn dough onto floured surface; roll around lightly to coat with flour. Gently roll dough ½ inch thick with floured rolling pin. Cut with floured doughnut cutter. Cover and let rise until double, 30-40 minutes.
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Heat vegetable oil in deep fryer to 350 F. Slide doughnuts into hot oil with wide spatula. Turn doughnuts as they rise to the surface. Fry until golden brown, about 1 minute on each side. Remove carefully from oil (do not prick surface); drain. Dip the doughnuts into creamy glaze, set on rack, then when slightly cooled, spread chocolate glaze on top. Can dip in sprinkles or other toppings after chocolate if desired.
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