Heat peanut oil to 350 degrees F.
Wrap each square of cheesy mac with 1 strip of bacon, and fasten with toothpick. Dredge each square in flour then egg and then bread crumbs to coat. Fry for about 3 minutes until golden brown.
Preheat oven to 350 degrees F.
Once you have the macaroni cooked and drained, place in a large bowl and while still hot and add the cheddar. In a separate bowl, combine the remaining ingredients and add to the macaroni mixture. Pour macaroni mixture into a casserole dish and bake for 30 to 45 minutes. Top with additional cheese if desired.