Prepare pasta according to package directions. Drain. Set aside.
Add butter and olive oil to a 3 quart saucepan. Place over medium heat and cook until sizzling.
Stir in flour, salt, nutmeg and ground red pepper. Continue cooking, stirring constantly, until mixture is bubbly and very lightly browned, about 1 to 2 minutes.
Add milk, 1/4 cup at a time, stirring constantly, until mixture is thickened, about 5 to 7 minutes.
Add cheeses, a small bit at a time. Stir until melted and sauce is smooth before adding next bit. Continue until all cheese is added and melted.
Add cooked macaroni, tomato, 1/3 cup crumbled bacon and parsley. Stir gently until well-mixed.
Garnish with additional crumbled bacon and finely chopped parsley.