Add the bacon to a large cast iron skillet over medium-high heat. Cook for about 4 minutes or until the bacon begins to brown, stirring occasionally. Stir in the onion and cook for another 2 to 3 minutes, stirring occasionally. Strain the contents of the skillet and place on a paper towel. Set aside.

In a medium pot, add the macaroni and cover with water. Add the olive oil. Bring the macaroni to a boil just until the pasta begins to soften. Be sure not to overcook.

Drain the water from the macaroni and place the macaroni back in the pot. Stir in the butter, over low heat, until melted. Stir in the cream cheese, Velveeta and half and half.

Remove the pot from the heat and let cool to room temperature. Place the macaroni in a container, cover and place in the fridge for at least 3 hours.

Add the eggs to a small bowl. Add the Panko to a separate bowl.

With an ice cream dipper or lage tablespoon, spoon out the macaroni and form into about 18 to 20 golfball-sized balls. Dip or brush the balls with the egg wash and then roll in the Panko crumbs to generously coat. Press the crumbs firmly to the ball with your hands to ensure they stick well.

In a Dutch oven or deep fryer, add about 3 to 4 inches of the fry oil and heat to 350 degrees F.

Add a few balls at a time to the deep fryer and fry for about 3 to 4 minutes or until they are golden brown. Drain on a wire rack. Serve warm.