I know it is called "French Toast," but it seems to be a North American development. The 'French,' I would guess refers to French Bread- see PoppaGator's post.
Anyone knowledgeable on this?

For diet nuts, see the recipe for Cinnamon French Toast at the Mayo Clinic:
http://www.mayoclinic.com/health/french-toast/NU00491
French Toast
They throw out the egg yolks and only use 1/4 cup maple syrup.

In an other article, however, questions are raised about the effect of dietary cholesterol on blood cholesterol. "But the extent to which dietary cholesterol raises blood cholesterol levels isn't clear. Many scientists believe that saturated fats and trans fats have a greater impact than dietary cholesterol in raising blood cholesterol."

The Mayo Clinic, however, does recommend keeping dietary cholesterol low.