Cook macaroni in a large saucepan according to package directions; drain and return to saucepan.
Meanwhile, melt butter in a medium saucepan; stir in flour and cook 1 minute. Add milk and half-and-half; cook and stir until slightly thickened and bubbly, about 5 minutes. Reduce heat to low and stir in cheese until melted. Stir in salt and TABASCO® Sauce.
Pour over warm macaroni in saucepan and mix well; cook and stir for 2 to 3 minutes or until heated through. Serve with additional TABASCO® Sauce, if desired.