GRATE the orange peel; set aside. Peel or cut away any remaining white membrane from outside of orange; discard. Separate orange into sections. Cut 3 of the sections into quarters; set aside for later use. Cover and refrigerate remaining orange sections for snacking or other use. Beat cheeses, sugar and vanilla in large bowl with electric mixer on medium speed until well blended. Add the orange peel and chocolate; mix well. Gently stir in 2 cups of the whipped topping.
SPREAD 2 cups of the cheese mixture onto bottom of 13x9-inch baking pan. Top with layers of 30 of the wafers and half of the remaining cheese mixture; repeat layers of wafers and cheese mixture. Top with remaining whipped topping; cover.
REFRIGERATE 4 hours. Top with the quartered orange sections and remaining 5 wafers. Cut dessert into 24 pieces to serve. Store leftover dessert in refrigerator.