MELT morsels in medium, uncovered microwave-safe bowl on HIGH (100%) power for 1 minute; STIR. Morsels may retain some of their original shape. If necessary, microwave at additional 10- to 15-second intervals, stirring just until morsels are melted.
COMBINE crushed vanilla wafers, almonds, 1 1/2 cups of the shredded coconut and powdered sugar in very large mixing bowl. Stir in corn syrup, melted morsels and cream of coconut until combined.
SHAPE into balls using about 1 tablespoon of the mixture. A small cookie scoop may be used to help shape these cookies, if desired. Roll in remaining coconut. Store in airtight container in refrigerator. Let stand at room temperature about 1 hour before serving.