In a large cooking pot, add oil and place over medium heat.
When oil is hot and shimmering, add onions and peppers. Cook until the onions are translucent.
Add garlic. Cook until fragrant, about 1 minute.
Stir in flour.
Add water and Half and Half. Bring to a boil. Reduce heat to a simmer and cook for 10 minutes.
Using an immersion blender, purée this mixture until it is smooth (if you do not have an immersion blender, you can use a regular blender. Work in batches, filling pitcher only half-full, since the liquid will be hot. Add puréed mixture back to cooking pot when done).
Slowly add all cheeses (except 8 ounces Cheddar cheese and 2 tablespoons Pecorino Romano, listed at bottom of ingredients) to warm puréed mixture, stirring constantly, making sure each cheese is melted before adding more.
Once cheese is completely melted, add salt, lemon pepper, sugar, mustard, vinegar and Tabasco. Stir to combine.
Prepare pasta according to package directions, until al dente, but not completely soft. Drain.
Combine hot, cooked pasta and sauce in large mixing bowl. Stir well to combine.
Pour entire mixture into a greased oven safe 9 x 13-inch oven-safe serving dish.
Top with 8 ounces of shredded Cheddar cheese and 2 tablespoons of Pecorino Romano cheese.
Place under broiler until top is golden brown and bubbling.
Carefully remove from oven and serve hot.