TO PREPARE FRENCH TOAST: In a medium-sized bowl, whisk together egg, egg whites, milk, sugar, vanilla, cinnamon and baking powder until well blended. Place bread slices in a large shallow baking dish and pour egg mixture over the top; turn to coat evenly. Press a piece of wax paper directly on the bread to cover it, then cover dish with plastic wrap. Refrigerate overnight. TO MAKE CINNAMON SYRUP: In a small saucepan, stir together sugar, corn syrup, cinnamon and quarter c water. Bring the mixture to a boil over medium-high heat, stirring constantly. Boil for 2 minutes. Remove from heat and stir in evaporated skim milk. Let cool; transfer to a small pitcher. (The syrup can be stored, covered, in the refrigerator for up to 1 week. If desired, warm before serving.) TO COOK FRENCH TOAST: Heat 1 t oil and half t butter in a 30 cm nonstick skillet over medium-high heat. Add four of the soaked bread slices to the pan and cook until golden on both sides, 2 to 3 minutes per side. Transfer the toast to a platter and keep warm in a warm oven. Cook the remaining slices in the same manner, using the remaining 1 t oil and half t butter. Serve with cinnamon syrup.