Arrange rack in oven to the center.

Preheat oven to 350 degrees; arrange corn in its husks in a single layer and roast corn for approximately 35-40 minutes.

While the corn is roasting, melt 1/4 pound of butter in a large pot over medium-low heat.

Add red bell pepper, onion and garlic and saute for at least 10 minutes until onion is transluscent and red bell pepper is soft.

Whisk in flour until it is evenly distributed and incorporated into the pepper/onion/garlic mixture.

Slowly add milk and half and half, whisking vigorously to combine.

Reduce heat to low and simmer until sauce is thickened, approximately 45 minutes.

Add hot sauce and stir until combined.

Add grated cheeses slowly and nutmeg.

Season with salt and pepper.

Remove from heat and let cool slightly.

Remove corn from oven when done but do not turn off the oven.

Let corn cool slightly before removing from husks and cutting corn off of the cob.

Add corn to approximately 4 cups pepper jack sauce in a large bowl and stir gently to incorporate (add more to taste if necessary, and freeze remaining pepper jack sauce for later use).

Pour corn mixture into a greased ovenproof casserole dish.

In a small skillet, melt 2 tablespoons butter over medium-low heat and add panko bread crumbs, stirring continuously until bread crumbs are golden brown and toasted.

Sprinkle bread crumbs on top of corn mixture and place in oven an additional 10-15 minutes.

Garnish with diced chives, if desired.

Serve immediately.