Melt butter in a large heavy sauce pan over medium-high heat. Slowly wisk in flour until smooth; cook; whisking for 2 minutes.
Gradually wisk in milk, black and red pepper. Cook, whisking constantly for 15 minutes or until thick and bubbly; remove from heat.
Stir in shredded cheddar, parmesan and 1/2 cheese product, until smooth. Stir macaroni into cheese mixture and pour into a lightly greased 11x17 baking dish. Sprinkle evenly with remaining cheese product.
Bake at 350 degrees for 30-35 minutes, or until lightly browned. Let stand for 5 minutes.