In a large stainless steel skillet over medium heat, melt 1 Tbsp. butter. Pat shrimp dry; season all over with Old Bay. Arrange shrimp in a single layer in skillet and cook, turning halfway through, until translucent, about 1 minute per side. Transfer to a plate.
In same skillet over medium heat, melt remaining 1 Tbsp. butter. Add shallot and cook, stirring occasionally, until beginning to soften, 2 to 3 minutes. Add garlic and red pepper flakes and cook, stirring, until garlic is fragrant, 1 to 2 minutes more.
Add wine to deglaze skillet, scraping up any browned bits, and cook, stirring, until liquid is almost completely evaporated, 1 to 2 minutes. Stir in broth and bring to a boil over high heat.
Stir in orzo and return to a boil. Reduce heat to medium-low to maintain a simmer and cook, stirring frequently, until orzo has absorbed most of the broth and is almost cooked through, 8 to 9 minutes.
Add cream and cook, stirring frequently, until slightly thickened and reduced, 2 to 3 minutes. Return shrimp to skillet along with any accumulated juices. Stir in lemon zest and lemon juice; season with salt. Top with parsley.