For the pasta, put a large pot of water on the stove to boil. When it has come to the boil, add a couple of tablespoons of salt and the linguini. Stir to make sure the pasta separates; cover. When the water returns to a boil, cook for about 6 to 8 minutes or until the pasta is not quite done. Drain the pasta.
Meanwhile, in a large skillet, melt 2 tablespoons butter in 2 tablespoons olive oil over medium-high heat. Saute the shallots, garlic, and red pepper flakes (if using) until the shallots are translucent, about 3 to 4 minutes. Season the shrimp with salt and pepper; add them to the pan and cook until they have turned pink, about 2 to 3 minutes. Remove the shrimp from the pan; set aside and keep warm. Add wine and lemon juice and bring to a boil. Add 2 tablespoons butter and 2 tablespoons oil. When the butter has melted, return the shrimp to the pan along with the parsley and cooked pasta. Stir well and season with salt and pepper. Drizzle over a bit more olive oil and serve immediately.