Heat oven to 350 degrees. Place 1 tablespoon of butter in a medium skillet over medium high heat. Add onion and bell peppers. Cook for 4-6 minutes until onion begins to clear, stirring often. Remove from heat. Stir remaining butter, basil, seasoned salt, and Parmesan cheese together in a large bowl. Set aside. In a separate large bowl, stir cheddar and Monterey Jack cheeses together. Stir in green chilies and bacon. Use hand to shape into 30 compact balls. Spread each biscuit to a 3-4 inch circle and place a cheese ball in center of each, enclosing biscuits around balls and sealing well. Place 1/3 of onion/pepper mixture evenly in bottom of a 10-inch bundt pan that has been sprayed with non-stick cooking spray. Dip 8 biscuits in butter mixture and arrange in pan. Add another 1/3 of onion/pepper mixture. Dip 10 biscuits in butter mixture and add to pan. Add remaining onion/pepper mixture then dip remaining 12 biscuits in butter mixture and add to pan. Drizzle with any remaining butter mixture. Bake for 25-35 minutes until biscuits are done and tops are golden brown, covering with foil during last 10 minutes of baking time if necessary to prevent overbrowning. Cool for 5 minutes then invert onto serving platter. Serves 10-12.