Heat oven to 350°F. Heavily grease 12-cup fluted tube cake pan with shortening.
Cut Colby cheese into 30 one-inch cubes. Mix melted butter and garlic powder in small bowl.
Using 1 can at a time, wrap 1 biscuit around 1 cube of Colby cheese, forming ball shape, pinching tightly to seal. Dip entire ball into garlic butter. Place in pan; continue with remaining biscuits.
Bake 35 to 40 minutes or until top is golden brown. Immediately turn pan upside down onto heatproof serving plate. Top with American cheese slices; cover with pan. Let stand 10 to 15 minutes or until cheese is melted.
Cut eyes, nose and mouth from red bell pepper; place on cheese to make jack-o'-lantern face. Place small glass in center opening of jack-o'-lantern; fill glass with bell pepper strips. Slice to serve, or pull apart.