In a large pot of salted boiling water, cook the pasta until al dente. Drain and coat lightly with oil. Set aside.
In a large saucepan, melt the butter. Add the flour, paprika, mustard and nutmeg and continue cooking for 1 minute, stirring constantly. Slowly whisk in the milk. Bring to a boil, stirring constantly. Simmer for 2 minutes. Add the cheese and stir until melted. Season with salt and pepper. Add the macaroni and hot pepper sauce, stirring to coat. Adjust the seasoning. If necessary, thin with a small amount of milk.
Meanwhile, fry the bacon in a skillet until crisp. Drain on paper towels. Crumble into small pieces.
In a skillet, brown the diced bread in the butter and add the bacon.
If serving as an appetizer, spoon the macaroni into ramekins or onion soup bowls. Top with bacon and croutons. Season with pepper.
Recipes with the "Healthy Pick" stamp have been evaluated by a registered dietitian member of the Ordre professionnel des diététistes du Québec.