Beat butter at medium speed of an electric mixer 2 minutes or until creamy. Gradually add sugars, beating well. Add egg, orange rind, and flavorings.
Combine flour and next 3 ingredients. Add to butter mixture, beating at low speed just until blended. Stir in nuts and white chocolate morsels. Cover and chill dough 2 hours.
Drop dough by rounded tablespoonfuls onto ungreased cookie sheets. Bake at 350° for 9 to 10 minutes or just until edges are golden. Cool 1 minute on cookie sheets; remove to wire racks, and cool completely.