01 - Cook elbow macaroni in boiling salted water until al dente, drain and set aside.
02 - Melt butter in a medium saucepan over medium heat. Whisk in flour and cook for 1 minute. Gradually whisk in milk and cook, stirring constantly, until thickened, about 3 minutes.
03 - Remove saucepan from heat. Stir in shredded cheddar, grated Parmesan, salt, and pepper until cheese is melted and sauce is smooth.
04 - Add cooked macaroni to the cheese sauce and mix until pasta is evenly coated.
05 - Spread the macaroni mixture onto a parchment-lined baking sheet in a 1-inch thick layer. Refrigerate for at least 2 hours or freeze for 30 minutes until firm.
06 - Once chilled, scoop and roll mixture into 1 1/2-inch balls. Arrange onto a tray.
07 - Set up three bowls: one with flour, one with beaten eggs, and one with panko mixed with garlic powder and paprika.
08 - Coat each ball with flour, dip in beaten egg, and thoroughly coat with seasoned panko breadcrumbs.
09 - Heat 2 inches of vegetable oil in a deep pot or heavy skillet to 350°F. Fry bites in batches for 2 to 3 minutes, turning until golden and crisp. Avoid overcrowding.
10 - Remove fried bites with a slotted spoon and drain on paper towels. Serve hot with desired dipping sauce.