Bring a large pot of salted water to a boil and cook the fettuccine according to package directions; drain and keep warm.
While the pasta cooks, heat 2 tablespoons of the sun-dried tomato oil in a large skillet over medium heat.
Add the drained, chopped sun-dried tomatoes, minced garlic, and red pepper flakes and sauté about 1 minute until fragrant.
Sprinkle in 2 tablespoons flour and cook, stirring constantly, about 2 minutes to form a roux.
Reduce heat to low and slowly whisk in the chicken broth.
In a small bowl, whisk the cornstarch into the milk until smooth, then add to the skillet along with tomato paste, dried basil, dried parsley, onion powder, oregano, salt, and pepper.
Bring the sauce to a gentle simmer and cook, stirring, until slightly thickened, about 5 minutes.
Lower heat to low and stir in the cubed reduced-fat cream cheese until melted, then add the 3/4 cup Parmesan and stir until incorporated.
Stir in the shredded mozzarella until melted, then add the drained fettuccine and toss until the pasta is evenly coated with the sauce.
Taste and adjust seasoning with additional salt, pepper, or red pepper flakes as desired, then serve topped with extra grated Parmesan and fresh basil.