In a large bowl, cream butter and sugars. Add egg and vanilla; mix well. Combine dry ingredients; add to creamed mixture and mix well. Stir in chips and nuts. Shape into 1-1/2-in. balls; place on greased baking sheets. Flatten to 1/2-in. thickness with a glass dipped in sugar. Bake at 350° for 10-12 minutes or until lightly browned. Remove to a wire rack to cool.