In a large deep skillet, add water, chicken broth, evaporated milk, 1/2 cup of whole milk, and elbow macaroni.
Bring to a boil and immediately reduce heat to a simmer. (Watch carefully it will overflow if you let it boil to rapidly)
Cook until al dente while stirring constantly.
Remove from heat and let sit for a few minutes until some of the liquid has absorbed.
Stir in butter if using.
Add the cheeses a little at a time while stirring.
Add in enough of remaining milk to create a creamy sauce. (You can place the pot back on the heat on low if you need more heat to melt the cheese)
Stir in smoked paprika and ground mustard.
Stir in salt and pepper to taste.
(To reheat, place in a microwave safe bowl. Stir in a little milk to make it creamy and microwave until warm)