Preheat the oven to 350 degrees F.
Bring a large pot of salted water to a boil over high heat. Add the macaroni and cook, stirring occasionally until it is almost tender, 10 to 12 minutes. Drain, rinse with cold water, and set aside.
In a large bowl, beat the eggs with the milk, 1/4 cup melted butter, the cayenne pepper, and a teaspoon of salt.
Put half the macaroni into a buttered 2-quart casserole and top with half the cheddar cheese. Repeat. Pour the milk mixture over the macaroni and cheese.
In a small bowl, mix the bread crumbs with the paprika, the remaining butter, and the Parmesan. Sprinkle the bread crumb mixture over the macaroni and bake until brown and bubbly, 40 to 45 minutes. Serve warm.
