SLICE pound cake into 1/8- to 1/4-inch slices. Place half of the slices on bottom of 9-inch springform pan; press down firmly. Set remaining slices aside.
BRING cream just to a boil in medium saucepan. Remove from heat. Add milk chocolate morsels; let stand 5 minutes. Whisk until well combined and smooth. Pour half of the chocolate mixture over pound cake in pan, spreading evenly to within 1/4-inch of edge of pan. Cover; freeze for 1 1/2 hours or until chocolate is set.
COMBINE softened ice cream and whipped topping in large bowl. Fold in 1 3/4 cups crushed malted milk balls. Spread over chocolate layer in pan. Cover; freeze until ice cream is firm, about 2 hours.
TOP ice cream with remaining pound cake slices; press down firmly. Spread remaining chocolate mixture over pound cake. Cover; freeze at least 6 hours.
TO SERVE: To serve, remove sides of pan. Garnish with additional whipped dessert topping and sprinkle with crushed malted milk balls, if desired. To cut cake easily, run a knife under hot water and dry with a paper towel before making slices.