In a large mixing bowl beat shortening and butter with an electric mixer on medium to high speed for 30 seconds. Add the 3/4 cup granulated sugar, the baking powder, and salt; beat until combined. Beat in egg, milk, and vanilla, scraping sides of the bowl occasionally. Beat in as much of the flour as you can with the mixer. Stir in remaining flour. Divide dough in half. Cover and chill in the refrigerator about 3 hours or until dough is easy to handle.
For filling, in a small bowl stir together softened cream cheese and the 2 tablespoons granulated sugar. Stir in the coconut.
On a lightly floured surface, roll half of the dough into a 10-inch square. Using a fluted pastry wheel or a sharp knife, cut square into sixteen 2-1/2-inch squares. Place squares 2 inches apart on ungreased cookie sheet. Cut 1-inch slits from each corner toward the center of each square. Spoon a level teaspoon of the filling onto each center. Fold every other tip to center to form a pinwheel, pressing lightly to seal the tips. Carefully sprinkle some of the chopped nuts onto the center of each pinwheel; press nuts lightly into the dough. Sprinkle cookies with colored sugar, if desired.
Bake cookies in a 350 degree F. oven for 8 to 10 minutes or until the edges are lightly browned. Cool for 1 minute. Transfer cookies to a wire rack; cool. Repeat with remaining dough and filling. Drizzle with Pineapple Icing and sprinkle with additional colored sugar, if desired. Makes 32 cookies.
In a small bowl stir together 3/4 cup sifted powdered sugar and enough pineapple juice (about 1 tablespoon) to make icing of drizzling consistency.