Preheat the oven to 300 degrees . Place a cooling rack on a baking sheet and set aside. Using the large holes on a box grater, grate the zucchini into a large colander. Toss with 1/2 teaspoon salt and let stand for 10 minutes. Place the colander in the sink and press the zucchini firmly with paper towels to remove all the excess moisture.
In a large bowl, whisk the eggs with 1/2 teaspoon salt and 1/2 teaspoon pepper until light and frothy. Using a whisk, stir in the zucchini, then the flour.
In a large nonstick skillet, heat 2 tablespoons olive oil over medium-high heat. Working in 3 batches, drop in the fritter batter by rounded tablespoons, gently flattening with the back of the spoon, and cook, turning once, until the fritters are browned, 1-1/2 to 2 minutes per side. Transfer to the prepared baking sheet and keep warm in the oven while cooking the remaining batches; add more olive oil to the skillet as needed.
Using a food processor, puree the red peppers with the garlic, the remaining 1 tablespoon olive oil, 1/2 teaspoon salt and hot pepper sauce to taste. Serve the dip with the warm fritters.