Coat a large baking sheet with cooking spray; set aside. In a pie plate combine the egg, egg white, milk, vanilla, and 1/8 teaspoon cinnamon. Soak the bread slices in egg mixture about 1 minute on each side. Place on the prepared baking sheet.
Bake in a 450 degrees oven about 6 minutes or until bread is lightly browned. Turn bread; bake for 5 to 8 minutes more or until golden brown.
Meanwhile, for orange syrup, in a small saucepan stir together the orange peel, orange juice, honey, cornstarch, and 1/8 teaspoon cinnamon. Cook and stir over medium heat until thickened and bubbly. Reduce the heat. Cook and stir for 2 minutes more.
If desired, sprinkle the French toast with powdered sugar. Serve the toast with orange syrup.