To Make the Tomato-Pancetta Butter: Cook the chopped pancetta in a medium sauté pan over medium-high heat until crisp and brown. Using a slotted spoon, transfer the pancetta to a paper towel; drain and let cool to room temperature. In a medium mixing bowl, combine all but 2 tablespoons of the cooked pancetta with the butter, diced tomatoes, thyme and basil. Season to taste with pepper and set aside until needed. Reserve the remaining 2 tablespoons of cooked pancetta for garnish
For the Ravioli: Heat a large, heavy sauté pan over medium heat; add the oil and heat through. Add the shallots and sauté until soft and translucent, but not brown, about 3 minutes. Add the arugula and toss until wilted but still bright green, about 3 minutes; transfer to a large bowl and cool completely
When the arugula mixture is cool, stir in the goat cheese and Parmesan; mix well. Season to taste with salt and pepper, then set aside until needed.
Roll the pasta dough through the pasta machine starting at the #1 setting and graduating to the #6 setting. (See pasta rolling instructions in Basic Pasta recipe).
To Form the Ravioli by Hand: Place one pasta sheet on the work surface. Leaving a ¾-inch border on the outer edges, place the filling by the tablespoonful, two deep and 2-inches apart, down the length of the pasta. Lightly moisten the border of the pasta sheet and between the filling with water. Place a second sheet of pasta over the bottom sheet to cover the filling. Press firmly around the outer edges and between the filling (where it has been moistened) to seal the ravioli. Press firmly around each filling to squeeze out any air bubbles. Using a pastry wheel, cut the pasta into individual squares. Transfer to a flour-dusted baking sheet or a clean kitchen towel; let dry for 5 to 10 minutes
To Form the Ravioli Using a Ravioli Form: Lay a pasta sheet over the form. Place the top of the form on the pasta sheet, pressing gently to make impressions for the filling. Remove the top of the form and place 1 tablespoon of filling in each impression. Lightly moisten the border of the pasta sheet and in between the filling with water. Cover the filled impressions with a second sheet of dough. Use a rolling pin to roll over the top of the form to cut and separate the ravioli. Push the finished ravioli out of the form. Transfer the ravioli to a flourdusted baking sheet or a clean kitchen towel; let dry for 5 to 10 minutes
To Cook and Serve the Ravioli: Using an 8-quart stock pot, bring 4 to 6 quarts of water to the boil. Add the kosher salt and bring back to the boil. Add the pasta and immediately stir to separate the individual pieces. The water should return to the boil very quickly. If necessary, cover the pot until the water returns to the boil. Cook the ravioli, stirring once or twice during cooking, until al dente (firm, yet tender), about 2 minutes, or until they float and are pale in color. Remove from the water using a slotted spoon or skimmer and transfer to paper towels or a clean kitchen cloth to drain
Gently melt the tomato-pancetta butter in a small sauce pan over low heat. Place the cooked ravioli in a warmed serving bowl; pour the butter over the ravioli and toss to coat. Garnish with grated Parmesan, the reserved pancetta and the thyme and basil sprigs; serve immediately.