Preheat the oven to 350°F. Lightly spray the bottom of a 13 x 9 inch baking dish with cooking spray.
In a medium-size mixing bowl toss together the vanilla wafer crumbs, macadamia nuts, white chocolate chips, ¼ cup flaked coconut and melted butter.
Press firmly onto the bottom of the baking dish. Bake for 20-25 minutes until lightly golden and set. Cool completely.
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. Cool completely.
To assemble: In a medium size mixing bowl using an electric mixer, whip together the cream cheese and powdered sugar until smooth, Mix-in the crushed pineapple and ⅓ of the whipped topping by hand. Spread over the cooled crust.
In the same bowl, whip together the pudding mix and milk until thickened but pourable. Pour evenly over the pineapple layer.
Frost the top with the remaining whipped topping. Garnish with toasted coconut and maraschino cherries.
Chill for 4 hours to set before cutting into pieces. Store leftovers chilled.
To decorate the top as pictured additional whipped cream will be needed.