In a large nonstick skillet, cook pancetta until brown and crisp, careful not to burn. Remove to paper towel-lined plate and set aside.
Bring a large pot of salted water to a boil for the gnocchi.
In a large skillet, add the Gorgonzola, milk, butter and a couple of pinches of salt, and turn heat on to low. Stir with a wooden spoon, and as it begins to melt, start smashing it with the back of the spoon, incorporating it with the milk and butter. Cook for a minute or two until the sauce has a creamy consistency. Take off the heat until ready to drain the gnocchi.
Add the gnocchi to the boiling water and simmer, they are done when they float to the top, about 3 or 4 minutes. When gnocchi are almost done, add the heavy cream to the sauce and cook over medium heat until just slightly reduced and incorporated. Remove gnocchi with a large scoop strainer and put into pan, or drain in a colander and then add to the sauce in the pan. Toss gently to coat the gnocchi. Add walnuts, reserving some to sprinkle on top, and finely grated Parmesan and toss well until it melts. Transfer to a serving dish and top with reserved walnuts and crisped pancetta, and a little freshly cracked pepper. Serve immediately.