Place the bread, ground chuck, ground pork sausage, red wine, eggs, shallots, garlic, basil, Italian seasoning, Parmesan, Kosher sea salt and freshly cracked black pepper. Mix by hand until just combined.
Form meatballs by rolling meat mixture into 2 tablespoon-sized balls set meatballs on a plate as they are formed. (Tip: If your hands are slightly damp, the meatballs will roll more easily without sticking.)
Place the meatballs into the simmering sauce 1 at a time. Allow the sauce to return to a simmer, and cook, partially covered. Let the meatballs to rest undisturbed for 25 minutes before stirring. When the meatballs rise to the top, stir gently.
Simmer, partially covered, stirring occasionally to prevent the sauce from sticking to the bottom of the pot. Allow the sauce to cook down at least 1 hour, the longer the sauce cooks the better the flavors will build. You could easily allow this to cook on low for the day.