Adjust oven rack to middle position and preheat oven to 350°F. Place frozen meatballs on one side of the baking sheet.
Bring milk and 3 cups water to a boil over medium-high heat in a medium saucepan. Reduce heat to medium. Whisking constantly, gradually add polenta; bring to a simmer. Reduce heat to low, cover pan, and cook, whisking every 10-15 minutes, until thickened and no longer gritty, 30-35 minutes. Remove from heat and add Parmesan, butter, and salt. Cook, whisking until butter and cheese are melted, and polenta is the consistency of porridge, about 1 minute.
Combine all chimichurri ingredients in the bowl of a food processor. Except the liquids. Pulse until all ingredients are finely chopped.
Transfer chimichurri to a medium bowl and stir in olive oil, vinegar, and lemon.
Transfer polenta to serving bowl or cast-iron skillet top with grated parmesan cheese and cooked meatballs.
Garnish with the chimichurri and serve with grilled bread.
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