Preheat oven to 350 degrees F and grease, flour and line the bottom of 3 (9-inch) pans with parchment paper.

In a bowl of an electric mixer cream the shortening, butter and sugar until light and fluffy. Add the egg yolks 1 at a time, beating well after each addition.

Sift flour, baking soda and salt together onto a sheet of waxed or parchment paper. With the mixer on low speed, add the sifted ingredients in batches alternately with the buttermilk, beginning and ending with the dry ingredients.

In a separate bowl, beat the egg whites until stiff, and gently fold into the prepared batter. Add the coconut, pecans and vanilla and fold into the batter.

Divide the batter among 3 prepared cake pans and bake for about 25 - 30 minutes, or until golden brown and a toothpick comes out clean when inserted into the middle of each cake.

While the cake is baking, prepare the frosting. In a large bowl combine the cream cheese, butter and vanilla and beat until smooth and creamy. Add the sugar and mix until throughly combined. Add the nuts and fold together. Keep refrigerated until you are ready to frost the cake, then bring back to room temperature.

Allow cakes to cool in the pans for about 10 minutes before turning them out onto a wire rack to finish cooling.

When the cakes are completely cool, stack the layers with the frosting and frost sides and top. Decorate with whole pecans around top edge of cake.

For a smaller version of the cake, use two (8-inch) pans and the following ingredient amounts: 1/3 cup butter flavored shortening, 1/3 cup salted butter, 240g granulated sugar, 3 eggs, 144g all purpose flour, 1/2 teaspoon baking soda, 1/4 teaspoon salt, 2/3 cup buttermilk, 1 1/4 cup shredded coconut, 2/3 cup chopped pecans, 1/2 teaspoon vanilla extract, 8oz cream cheese, 1/4 cup salted butter, 1 teaspoon vanilla extract, 16 oz powdered sugar, 3/4 cup chopped pecans. Baking time may vary.