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Preheat oven to 350°F. Line a cookie sheet with parchment paper or lightly grease a cookie sheet; set aside. In a food processor combine Cheddar cheese, Parmesan cheese and butter. Cover and process until well mixed. Add egg yolk and pepper; cover and process until combined. Add flour; cover and process with on/off pulses until a soft dough forms. (Or in a medium mixing bowl, beat butter with an electric mixer on medium to high speed for 30 seconds. Beat in Cheddar cheese and Parmesan cheese until combined. Beat in egg yolk and pepper. Beat in flour until a soft dough forms.)
In a small bowl, combine egg white and water. Place almonds in a shallow dish. Shape dough into 3/4-inch balls. Roll balls in egg white mixture, then in almonds to coat. Place 1 inch apart on the prepared cookie sheet. Press your thumb into the center of each ball, reshaping as necessary.
Bake about 10 minutes or until edges are firm and cookies are light brown. If cookie centers puff during baking, re-press with the back of a small spoon. Spoon preserves into indentations of cookies. Top each cookie with a cube of blue cheese. Bake for 3 to 4 minutes more or until blue cheese is softened.
Transfer cookies to a wire rack; cool for 15 minutes before serving. Cover and chill within 2 hours.