Combine the strawberries, sugar, fresh basil, and lemon juice in a large bowl. Cover and chill while making the biscuits (or overnight).
Preheat oven to 450 degrees. Line a baking sheet with parchment paper or a silicone mat.
In a large bowl, combine flour and butter. Using a pastry cutter, a fork, or 2 knives, cut in butter until a coarse meal develops and butter is evenly distributed. Add Colby cheese and toss to combine.
Add milk and stir until a soft dough forms. If the dough is sticky, add more flour 1 tablespoon at a time.Turn the dough out on to a lightly floured surface and knead for 20 seconds, adding flour if the dough becomes sticky.
Roll out to 1/2-inch thick and cut out biscuits with a 3-inch biscuit cutter. Press together uncut dough and continue rolling and cutting biscuits. Bake until lightly golden brown on top and fragrant, about 10 to 12 minutes.
Meanwhile, in a stand up mixer with the whip attachment, whip the Wisconsin mascarpone cheese, heavy cream, powdered sugar and vanilla until light and airy.
Cut a biscuit in half and place the bottom half on a plate. Top with a generous spoon of the Mascarpone cream and several strawberries. Place the top half of the biscuit on top, and top with another generous spoon of Mascarpone cream and several strawberries. Garnish with fresh basil.