Prepare the meatballs: Preheat oven to 375F. Lightly grease a baking sheet. Set aside.
In a large bowl, combine all meatball ingredients until evenly incorporated. Roll meat mixture into 1-in balls and place on prepared baking sheet.
Bake meatballs at 375F 20-25 minutes or until meat registers done. Remove from oven and set aside.
While meatballs are baking, prepare the sauce: In a large saucepan over medium-high heat, saute onion and garlic in oil until tender and fragrant. Pour sauce into pan and bring to a boil, stirring occasionally.
Remove from heat and stir in cream, salt and pepper to taste, basil, and cooked meatballs.
Serve sauce over cooked pasta and sprinkle with grated cheese if desired.