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Preheat oven to 350F.
In a shallow baking pan, toast pecans until fragrant, about 10 minutes. Cool nuts completely; finely chop.
In the bowl of an electric mixer at medium speed, combine Butter Flavor Crisco, cheddar and Parmesan Cheese. Beat until well combined, about 2 minutes. Add flour, salt, cayenne; and onion powder; beat until a dough forms, about 2 minutes. On a sheet of wax paper, roll dough into a 1-inch-diameter log about 12-inches long; using waxed paper as a guide, roll and press log in chopped pecans. Wrap tightly in wax paper and foil; chill overnight. (Note: Dough will keep, frozen, 2 months)
Preheat oven to 350F.
With a sharp knife cut log crosswise into 1/4-inch-thick slices and arrange slices 1/2 inch apart on parchment-lined baking sheets. Bake until golden and just firm to the touch, 10 to 12 minutes. (Wafers will spread) Cool on baking sheet. (Note: flavor improves with age, best made a day or two in advance. Wafers will keep in an airtight container at room temperature 4 days)