In a covered saucepan cook whole potatoes in enough boiling salted water to cover for 20 to 25 minutes or until almost tender. Drain and chill till cool enough to handle. Peel potatoes; shred to make 3 cups. In a 10 inch skillet cook bacon till crisp; drain, reserving 2 tbsp. drippings in skillet. Crumble bacon; set aside. Combine potatoes, onion, green pepper, and 1/2 tsp. of the salt, put into skillet. Cook over low heat about 20 minutes or till underside is crisp and brown. Combine eggs, milk, thyme, the remaining 1/4 tsp. salt, and dash of pepper. Stir in bacon and cheese; pour over potatoes. Cover; cook over low heat 8 to 10 minutes or till surface is set but still shiny. Loosen edges of omelet; cut into wedges.