Preheat oven to 375 degrees F. For filling, in a large bowl combine drained peaches, cornstarch, and lemon juice; toss well. Pour into a 2-quart square baking dish. Dot with the 2 tablespoons butter. Bake for 20 minutes or until bubbly.
Meanwhile, for topping, in a medium bowl combine flour, granulated sugar, baking powder, and salt. Add egg, melted butter, and vanilla; stir well. Fold in 1/4 cup of the coconut. Dollop topping over filling. Sprinkle with remaining coconut. Bake for 35 minutes; cover with foil after 20 minutes to prevent overbrowning. Cool 30 minutes.
In a chilled bowl combine cream and powdered sugar; beat on medium-high speed until soft peaks form. Serve warm cobbler with whipped cream. Makes 8 servings.