For Cake: HEAT oven to 350 degrees F. Spray three 9-inch round cake pans with no-stick cooking spray with flour. Beat shortening in large bowl at medium speed of electric mixer until light and fluffy. Gradually add sugar. Add egg yolks, one at a time; beat until blended after each addition. Add vanilla; beat until blended.
COMBINE flour, baking soda and salt; stir well. Add to shortening mixture alternately with buttermilk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in coconut and pecans.
BEAT egg whites until stiff peaks form; fold into batter. Pour batter into prepared baking pans. Bake 25 to 30 minutes or until a toothpick inserted in center comes out clean. Cool 15 minutes; remove from pans and cool completely on wire racks.
For Frosting: MIX cream cheese, powdered sugar, vanilla and butter in large bowl at low speed of electric mixer until ingredients are well combined. Beat at high speed until light and fluffy. Spread frosting between layers and on top and sides of cake. Garnish top of cake, if desired, with coconut and pecans and sprinkle coconut around bottom of cake. Chill several hours or until serving time.