Preheat the oven to 350°F. Lightly spray the bottom of a 13x9-inch baking dish with nonstick cooking spray.
Crust: In a medium-size mixing bowl toss together the graham cracker crumbs (or vanilla wafer crumbs), macadamia nuts, white chocolate chips, 1/4 cup flaked coconut, sugar and melted butter.
Press firmly onto the bottom of the baking dish. Place into the oven and bake for 20-25 minutes until lightly golden brown and set. Cool completely on a wire rack.
Increase the oven temperature to broil. Spread the remaining coconut on a baking sheet. Toast for 4-5 minutes stirring periodically. Do not walk away. Set aside to cool completely.
Assemble: In a medium-size mixing bowl using an electric mixer, whip together the cream cheese, powdered sugar and vanilla extract on medium speed until smooth and no lumps remain. Fold in the crushed pineapple and 1/3 of the whipped topping into the cream cheese mixture by hand to blend. Spread evenly over the cooled crust.
In the same bowl, whip together the pudding mix and milk until thickened but still pourable. Pour the pudding evenly over the cream cheese filling.
Frost the top with the remaining whipped topping. Garnish with toasted coconut and maraschino cherries.
Cover with plastic wrap and chill for 4 hours to set before cutting into pieces. Store leftovers chilled.