Mix cheddar, panko, salt and pepper in a bowl. Beat egg and water in a bowl and add flour to a third bowl. After the shrimp are cleaned pat with paper towel to dry. Then prepare each shrimp by dipping in the egg, dredge in the flour, dip in the egg again then dredge in cheddar panko mixture.
I fried them in cast iron on the grill med/high heat for about eight minutes a side. I was looking for a crispy golden brown. I used grape seed oil for its high smoke point.