Heat oven to 325°F. Grease 9-inch square pan. In medium bowl, mix powdered sugar, 1/2 cup butter and 1 tablespoon whipping cream until well blended. Add flour; mix until crumbly. With floured hands, press mixture evenly in pan. Bake 15 to 20 minutes or until firm to the touch.
Meanwhile, in medium saucepan, place caramels and 1/3 cup whipping cream. Cook over low heat, stirring frequently, until caramels are melted and mixture is smooth. Remove from heat. Add pecans; stir well to coat. Immediately spoon over baked base; spread carefully to cover.
In small saucepan over low heat, melt 1 teaspoon butter and the chocolate chips, stirring constantly. Stir in 2 tablespoons whipping cream. Drizzle over filling. Refrigerate 1 hour or until filling is firm. For bars, cut into 6 rows by 4 rows.