Melt 1 cup butter in a heavy saucepan over medium heat; continue to cook stirring constantly and watching closely until the butter JUST starts to turn golden (about 4-6 minutes, the butter will get foamy and bubble!).
Remove from heat and refrigerate for 7-8 minutes.
In a large bowl combine the browned butter, brown sugar, powdered sugar and vanilla in a large bowl; beat at medium speed until well combined.
Reduce the speed to low and add in all-purpose flour and cake flour; beat until the mixture resembles coarse crumbs.
Press the dough into an ungreased jelly-roll pan.
Prick all over with fork.
Bake for 18-22 minutes or until set but not too brown.
Cool 5 minutes.
While the dough is still hot, slice into squares, rectangles, diamonds or triangles using a sharp knife.
To make the glaze; in a heavy saucepan brown 3 tablespoons butter (this should take about 2-3 minutes) cool for 5 minutes.
In a small bowl combine the browned butter with all remaining ingredients EXCEPT the water; beat or whisk add in enough water to create desired glazing consistancy.