01 - Boil elbow macaroni in a large pot of salted water until al dente according to package directions. Drain thoroughly and reserve.
02 - Melt butter in a medium saucepan over medium heat. Whisk in flour and cook, stirring constantly, for 1 minute. Gradually add milk in a slow stream, whisking until the mixture thickens, about 3 minutes.
03 - Remove saucepan from heat. Stir in shredded cheddar, Parmesan, salt, and black pepper until completely smooth.
04 - Fold drained macaroni into the cheese sauce, mixing to coat evenly.
05 - Transfer mac and cheese mixture onto a parchment-lined baking sheet, spreading to about 1 inch thick. Refrigerate until fully firm, at least 2 hours or 30 minutes in the freezer.
06 - Once chilled and firm, portion and roll mixture into 1 1/2-inch balls. Arrange on 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 - Dredge each ball in flour, dip in eggs, then coat thoroughly with seasoned panko breadcrumbs.
09 - Pour vegetable oil into a large pot or deep fryer to a depth of 2 inches. Heat oil to 350°F (175°C). Fry coated bites in batches for 2 to 3 minutes until golden and crisp. Do not overcrowd.
10 - Remove fried bites with a slotted spoon and drain on paper towels. Serve hot with preferred dipping sauces.