For Herbed Butter: Beat butter in small bowl until smooth and creamy.
Stir in parsley, green onion, garlic, salt and pepper.
Let stand covered at room temperature 30 minutes to blend flavors.
For Fried Smelts: Cut off heads of smelts with knife; discard.
Cut undersides of smelts open with scissors; clean insides of smelts.
Spread smelts open.
Cut through backbones at tail end with scissors as shown.
Starting at tail end, gently pull backbones out; discard.
Rinse smelts under gently running cold water.
Drain smelts; pat dry with paper towels.
Mix flour, salt and pepper in shallow dish or on waxed paper.
Beat eggs and milk in second dish.
Place bread crumbs in third dish.
Dip smelts in flour mixture to coat both sides evenly.
Dip smelts in egg mixture, then in bread crumbs to coat evenly; place in single layer on tray.
Heat 1/4 cup (60 mL) butter and oil in large skillet over medium heat.
Add as many smelts as will fit in single layer without crowding.
Cook uncovered, turning once, until deep golden brown and cooked through, about 2 minutes per side.
Repeat until all smelts are cooked.