Preheat oven at 350 F. In a heavy saucepan over low heat, melt butter. Add flour, stir with a wooden spoon for 3 minutes or until roux is frothy & taste of raw flour is gone. Gradually stir warm milk into roux. Turn up heat, stir until sauce is just at boiling point. Turn down heat, let simmer a few minutes. Add pepper & Tabasco (it brings out the flavor, so don't be shy). Stir in heavy cream & simmer briefly until flavors are blended. Stir 3/4s of the cheese into the simmering sauce until melted. Combine sauce with macaroni, pour into 2 qt dish. Sprinkle with remaining cheese, bake for 30 minutes or until bubbly & light golden. Serves 4.