PREHEAT oven to 350° F. Cook macaroni in large pot of boiling water until al denté in texture. Drain and return to pot.
MEANWHILE, MELT butter in medium saucepan over medium heat. Stir in flour and pepper; cook, stirring constantly, for 1 minute. Add evaporated milk and water all at once. Cook over medium heat, stirring constantly, until bubbly and slightly thickened. Stir in cheese, pumpkin and sage until cheese melts. Pour sauce over pasta to coat. Spoon mixture into four, ungreased 8-ounce ramekins.
COMBINE bread crumbs, Parmesan, walnuts and oil in small bowl. Sprinkle over pasta.
BAKE for 20 to 25 minutes or until golden brown. Let stand for 5 minutes before serving.
VARIATION: For a casserole, pour mixture into ungreased 1 1/2-quart casserole dish and top with crumb mixture. Bake for 25 to 30 minutes or until golden brown.