Preheat oven to 350. Whisk together flour, malted-milk powder, baking powder and salt.
With an electric mixer on medium speed, beat butter and cream cheese until creamy. Mix in sugar and vanilla seeds. Add egg and vanilla extract and combine. Reduce speed to low. Add flour mixture and mix to combine.
Use a cookie press with desired shape, spacing 1 inch apart on baking sheets lined with parchment. Bake until bottom edges are golden brown, 11 to 15 minutes. Transfer to wire racks to cool completely.
Vanilla beans are expensive. In place of a vanilla bean, you can add an extra 2 teaspoons vanilla extract.