Cook the macaroni according to the package instructions until it's al dente, then drain and set it aside.
In a large saucepan, melt the butter over medium heat. Whisk in the flour and cook for about 1 minute, stirring constantly. Gradually whisk in the milk and heavy cream and bring the mixture to a simmer, whisking constantly. Add the cheddar cheese, Parmesan cheese, cayenne pepper, garlic powder, onion powder, oregano, and basil, and whisk until the cheese is melted and the mixture is smooth. Season with salt and pepper to taste.
Add the cooked macaroni to the cheese sauce and stir until it's evenly coated.
Transfer the mac and cheese to a large bowl and refrigerate until it's completely chilled, at least 2 hours or up to overnight.
Using a cookie scoop or spoon, scoop the mac and cheese into 1 1/2-inch balls and place them on a baking sheet lined with parchment paper.
In a shallow dish, beat the eggs with a fork. In another shallow dish, add the panko bread crumbs. Dip each mac and cheese ball into the egg mixture, then roll it in the bread crumbs, pressing gently to adhere.
In a large pot or deep fryer, heat the vegetable oil to 375°F. Fry the mac and cheese balls in batches until they're golden brown and crispy, about 3-4 minutes per batch. Use a slotted spoon to transfer the balls to a paper towel-lined plate to drain excess oil.