Line 2 large rimmed baking pans with waxed paper or a silicone mat. In a large bowl, add cereal.
In a microwave safe bowl, microwave 1 cup of the baking chips uncovered on high 45 seconds, stir. Continue microwaving in 15-second increments, stirring after each, until chips are melted and can be stirred smooth. One at a time, dip pointed end of each Bugle corn snack into melted chips, and coat outside completely, allowing excess coating to drip off. (If necessary, reheat mixture 5 seconds at a time as needed for dipping consistency.) Sprinkle coated snacks with decorating sugar, and place on one of the pans in a single layer. Set aside.
Add remaining 2 cups baking chips to bowl with remaining melted chips; microwave uncovered on high 45 seconds; stir. Continue microwaving in 15 second increments, stirring after each, until chips are melted and can be stirred smooth. Pour onto cereal in bowl; mix throughly to coat. Transfer mixture to one of the pans in single layer. Let stand 20 minutes. Spray top of food with gold food spray.
In a small microwave safe bowl, add pink candy melts. Microwave uncovered on Medium (50%) 30 seconds, then in 15-second increments, until melted; stir until smooth. Using a fork, drizzle melted candy onto coated cereal in pan; sprinkle with 1 tablespoon of the sprinkles. Repeat using remaining colored candy melts and sprinkles. (Use separate microwave bowl for microwaving each color candy melt). Let stand 20 minutes or until drizzle is set. One set, carefully break into bite-size pieces.
In a large serving bowl, mix coated cereal, corn snacks and marshmallow candy pieces. Store at room temperature in a covered container.