Line twenty 2 1/2-inch muffin cups with paper bake cups; set aside.
In a large mixing bowl, beat cake mix, the water, oil, eggs and the 1/4 cup malted milk powder with an electric mixer on low speed until combined. Beat on medium speed for 2 minutes more.
Divide batter among prepared muffin cups, filling cups two-thirds full with batter.
Bake in a 350 degrees oven about 18 minutes or until a wooden toothpick inserted in centers comes out clean or until tops spring back when lightly touched. Cool cupcakes in muffin cups on wire racks for 5 minutes. Remove cupcakes from muffin cups. Cool completely on wire racks.
For Malt Shop Frosting, in a large mixing bowl, beat together the pudding mixes, whipping cream and the 1 cup malted milk powder with an electric mixer on medium speed until stiff peaks form.
Pipe or spread frosting over cupcakes. Sprinkle each with chopped malted milk balls, drizzle with fudge topping and top with a cherry. Store chilled in an airtight container up to 2 days.