Boil the macaroni in a large pot with the olive oil until tender.
While the macaroni is boiling, shred the cheddar cheese and the Monterey Jack cheese onto separate plates.
Pour milk into a mixing bowl. Add the eggs, salt, pepper, and flour. Add melted butter. Mix until ingredients are well blended.
When macaroni is finished cooking, remove from pot and rinse well with cold water.
Pour the macaroni into a large oven safe dish (I prefer an aluminum pan for easy clean up.
Mix about half of the cheddar cheese into the macaroni. Mix in all of the Monterey Jack cheese. Cut the Velveeta cheese into chunks and mix into macaroni. Pour the milk and egg mixture over the macaroni and mix well. Spread the remaining cheddar cheese over the top of the macaroni.