Preheat oven to 400ºF with rack in the middle of oven. Butter an 8x8 baking dish. Set a large, covered pot of salted water over high heat to boil.
In a large skillet over medium heat, heat 1 1/2 teaspoons of the butter and oil. Add panko; cook, stirring, until crumbs are golden brown, about 3 to 4 minutes. Transfer crumbs to a medium bowl, stir in 1/4 cup of the Parmesan cheese and 1/4 teaspoon of the RedHot Seasoning; set aside.
Add macaroni to boiling salted water and cook until just al dente. Drain macaroni and set aside.
In a large wide pot over medium-low heat, melt remaining 1/4 cup butter. Sprinkle flour over butter, whisking to incorporate and make a roux. Cook, stirring constantly with a wooden spoon, until roux is light golden, about 4 minutes.
Gradually pour in milk and cream, whisking constantly to make a béchamel sauce. Raise heat to medium-high and bring sauce to a low boil, whisking constantly. Reduce to a simmer, while still whisking, and cook until the sauce is thick and is nappe consistency, about 3 minutes.
Add Cheddar, remaining Parmesan cheese and remaining RedHot Seasoning, and whisk until completely incorporated.
Add the drained macaroni to the pot with the cheese sauce, and stir well to coat. Transfer the macaroni mixture to the buttered baking dish. Evenly sprinkle the topping over the macaroni and bake for 10 to 15 minutes, or until golden and bubbling.
Let cool about 15 minutes before serving.
This dish is a great accompaniment to a grilled steak or chicken.
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