HEAT oven to 350 degrees F. Beat butter, sugar, vanilla and salt in large bowl with electric mixer on medium speed until fluffy. Beat in 2 eggs, one at a time, until blended. Gradually beat in 2 cups flour until blended.
SPREAD evenly in 13 x 9-inch baking pan. Spoon jam over crust, spreading evenly.
BEAT sweetened condensed milk, cream cheese, lemon juice and remaining 1 egg and 2 tablespoons flour in medium bowl with electric mixer on medium speed until smooth. Stir in 1 1/2 cups coconut. Spoon evenly over jam layer. Sprinkle with remaining 1 cup coconut. Cover with foil. Bake 30 minutes. Uncover and bake an additional 15 to 20 minutes or until edges are golden brown and bottom crust is completely baked. Cool completely in pan on wire rack.