Preheat the oven to 400 degrees F. Set a rack on a foil lined baking sheet. Spray the rack generously with cooking spray.
Finely grind the cereal and toasts together in a food processor. Transfer crumbs to a large gallon size plastic bag. Add the oil, salt, cayenne, paprika, and ground pepper and toss to mix thoroughly. Whisk the light mayonnaise and Dijon mustard together in a medium shallow bowl. Add chicken to mayonnaise and turn to coat all the pieces evenly. Drop the chicken into the plastic bag, seal and shake until each piece is evenly coated. Place coated pieces on the prepared rack. Spray the chicken pieces evenly with cooking spray, and bake until the coating crisps and browns and an instant-read thermometer inserted in the thickest part of the pieces registers 160 degrees F, 35 to 40 minutes.
Transfer to a platter and serve hot or at room temperature.
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