HEAT 1 cup evaporated milk, 3/4 cup coconut and sugar in medium, heavy-duty saucepan over medium-high heat until simmering. Remove from heat; let stand for 10 minutes.
WHISK remaining evaporated milk, egg yolks, cornstarch and salt in small bowl until blended. Gradually whisk egg mixture into coconut mixture in saucepan. Return saucepan to medium heat. Cook, stirring constantly, for about 4 to 5 minutes or until mixture thickens. Remove from heat; stir in butter and vanilla extract until smooth. Place in refrigerator for 30 minutes or until cool to the touch. Gently stir in 1 cup whipped topping; spoon into prepared crust.
REFRIGERATE for 3 hours or until set. Spread remaining cup whipped topping over center of filling. Sprinkle with remaining 1/4 cup coconut.
• To toast coconut, spread on rimmed baking sheet, bake at 350º F until light golden brown, about 8 to 10 minutes, stirring frequently.