Preheat the oven to 375.
In a large pot of boiling salted water, cook pasta according to package instructions; drain well. Drizzle with a teaspoon of olive oil, stir and set aside.
In an 11-inch ovenproof skillet, add the remaining oil , butter and turkey or meatless meatballs. Sprinkle with 1 tsp chopped fresh thyme. Warm and brown meatballs on all sides. Remove from pan and set aside.
In the same pan, melt the butter over medium heat. Whisk in the flour and cook for 1 minute. Gradually whisk in the milk and heavy cream until slightly thickened, about 3 - 4 minutes. If the mixture is too thick, add more milk as needed. Remove from the heat.
Add 2 1/2 cups of the cheddar cheese and stir until melted. Add the pasta and meatballs to cheese mixture and stir to coat. Sprinkle with remaining cheddar and the Monterey Jack cheese.
Stir together panko, melted butter, sage and remaining thyme. Sprinkle over pasta.
Bake for 20-25 minutes until pasta is bubbling and cheese has melted and become lightly browned. Let sit for 10 minutes on a wire rack to cool. Serve