Preheat your oven to 425°F (220°C) or heat oil in a deep pan to 350°F (175°C) if frying.
Prepare a breading station with three bowls: flour, beaten eggs, and a mixture of panko, Parmesan, paprika, garlic powder, salt, and pepper.
Dip each mushroom strip into the flour, then egg, then breadcrumb mixture, ensuring a full coat.
For baking: Arrange coated mushrooms on a parchment-lined baking sheet. Spray lightly with oil and bake for 15 minutes, flipping halfway.
For frying: Fry in batches until golden brown, about 3-4 minutes per batch. Drain on paper towels.
Make the spicy dip by combining mayonnaise, hot sauce, lemon juice, garlic, and paprika. Mix well.
Serve hot mushroom fries with the spicy dip.