BEAT cream cheese, sugar and lemon peel in large mixer bowl until smooth. Dissolve gelatin in boiling water in medium bowl; add cold water. Gradually add gelatin mixture to cream cheese mixture; beat until smooth. Refrigerate mixture to a consistency of unbeaten egg whites.
POUR evaporated milk into small mixer bowl; place beaters into evaporated milk. Freeze for about 15 to 20 minutes or until ice crystals form around edges of bowl. Beat on high speed until soft peaks form. Add lemon juice; continue beating an additional 2 minutes or until mixture is stiff. Immediately fold into gelatin mixture. Spoon into 6-cup mold. Refrigerate for at least 2 hours or until firm.
TO SERVE: Dip knife in warm water and run knife around rim; gently shake to loosen. Invert onto serving dish. Stir jelly until smooth. Pour 1/4 cup over top of mold. Serve with remaining jelly.