Boil the elbow macaroni according to package instructions, then drain and set aside.
Whisk together the egg and milk in a bowl until fully combined.
Spray a 9x13 inch smoker-safe dish with cooking spray and add the cooked macaroni.
Add butter, Velveeta cubes, shredded Colby Jack cheese, garlic powder, dry mustard, paprika, and black pepper to the macaroni.
Pour the egg and milk mixture over all ingredients, then stir thoroughly to combine.
Place the dish in a smoker preheated to 300°F and cook for about 1 hour, stirring occasionally to melt cheese evenly and infuse smoky flavor.
Alternatively, bake in a 350°F oven for 30 minutes, stirring at least once halfway through for even melting.
Once cheese is melted and creamy, serve hot as a flavorful side dish.