In a food processor, grind 100g of just the lucky charms cereal (no marshmallows) as finely as possible. You want it to resemble the texture of flour.
Combine ground lucky charms, flour, baking soda, salt, cornstarch, and powdered milk into a bowl and set aside.
In a separate bowl, combine 50g lucky charms marshmallows & 50g whole lucky charms cereal, along with white chocolate chips and set aside.
When you’re ready to start mixing the dough, crack 1 egg & 1 egg yolk into a bowl. Add 2 Tbsp of the cereal milk to the eggs; set aside. Preheat oven to 350°F
In the bowl of a stand mixer, or in a large mixing bowl, beat together sugars & butter on med/high until light & fluffy, 2-3 mins.
Reduce speed to low and add eggs. Mix only until just combined. Scrape down sides of bowl.
On the lowest setting, slowly mix in flour until nearly fully combined, then add marshmallows/cereal/chocolate and continue mixing on low or by hand until fully combined.
Portion dough into large, 4.5oz hockey-puck shaped (slightly flattened, not fully round) dough balls and press extra marshmallows, cereal, and/or chocolate on top before baking.
Bake at 350°F for 12 mins. Time will vary based on cookie size. Small cookies: start checking at 5-8 mins. Bake until edges appear set, just before browning, and tops/center looks dry, no longer wet, but slightly underdone. Cookies spread quite a bit. Large, 4.5oz cookies will make 8-9 cookies.