1. Prepare the shrimp by removing all of the shell except the last section and the tailfins. Butterfly the shrimp by cutting most of the way through along the back of the shrimp on the side with the dark vein. Remove the vein and rinse each shrimp.
2. Combine the bread crumbs, salt, basil, parsley, garlic powder, and onion powder in a small bowl.
3. Combine the beaten egg and milk in another small bowl.
4. Sift the flour into a third small bowl.
5. Heat the oil in a deep fryer (or large saucepan, with a thermometer, over medium heat), to 350 degrees F. It should be deep enough to cover the shrimp.
6. Coat the shrimp one at a time, using one hand for the wet mixture and one hand for the dry stuff. First dip the shrimp into the egg and milk mixture, then drop it into the flour. Coat the shrimp with the flour with the dry hand and then drop it back into the milk mixture. When it's completely moistened drop it into the bread crumbs and coat it again. Set each shrimp on a plate until all of them are coated.
7. Drop the shrimp into the hot oil and cook for 3 to 4 minutes or until the outside is golden. Serve with a wedge of lemon and cocktail sauce for dipping.