01 - Prepare elbow macaroni in boiling salted water according to package directions until al dente. Drain thoroughly and set aside.
02 - In a medium saucepan over medium heat, melt unsalted butter. Whisk in all-purpose flour and cook for 1 minute. Gradually add whole milk, whisking constantly, until the mixture thickens, about 3 minutes.
03 - Remove pan from heat. Stir in shredded sharp cheddar cheese, grated Parmesan, salt, and black pepper until the sauce is smooth. Fold in the cooked macaroni to evenly coat.
04 - Transfer the macaroni and cheese mixture onto a baking sheet lined with parchment paper. Spread to a 1-inch thickness. Refrigerate for at least 2 hours, or place in freezer for 30 minutes, until fully chilled and firm.
05 - Form chilled mixture into 1 1/2-inch balls and arrange on a clean tray.
06 - Arrange three bowls: one with all-purpose flour, one with beaten eggs, and one with combined panko breadcrumbs, garlic powder, and paprika.
07 - Roll each ball first in flour, then dip in beaten egg, and coat thoroughly in the seasoned panko mixture.
08 - In a large pot or deep fryer, heat 2 inches of vegetable oil to 350°F. Fry the coated bites in batches for 2-3 minutes until deeply golden and crisp. Avoid overcrowding.
09 - Use a slotted spoon to transfer fried bites to paper towels. Serve hot, accompanied by your preferred dipping sauce.