Heat oven to 350°F. Grease and flour 2 (9-inch) round (2-inch deep) cake pans; set aside.
Combine flour, baking powder and baking soda in bowl; set aside.
Combine sugar and 1 cup butter in bowl. Beat at medium speed until well mixed. Add 1 cup cream of coconut and 2 teaspoons lime zest; continue beating, scraping bowl often, until smooth. Add 1 egg at a time, beating well after each addition. Add flour mixture alternately with buttermilk, beating at low speed until well mixed.
Divide batter evenly between prepared pans. Bake 35-40 minutes or until toothpick inserted in center comes out clean and cake is deep golden brown. Cool 10 minutes. Remove from pans; cool completely.
Combine 1/2 cup butter, 1/4 cup cream of coconut, cream cheese and lime zest in bowl. Beat at medium speed until creamy. Add powdered sugar and enough half & half for desired spreading consistency, beating at low speed until well mixed.
Place 1 cake layer onto cake plate, bottom-side up. Frost top of cake with about 1 cup frosting. Top with second cake layer, bottom-side down. Frost entire cake and sides. Sprinkle top of cake with coconut. Store refrigerated.
*Substitute 1 tablespoon vinegar or lemon juice and enough milk to equal 1 cup; let stand 5 minutes.