Combine 1/4 cup of the sugar, the walnuts, and cinnamon; set aside. Combine the remaining 1/4 cup sugar, the margarine or butter, and salt. Beat with an electric mixer on medium speed until thoroughly combined. Add egg yolks; beat well. Beat in flour. Add milk and vanilla; beat until well combined. Wash beaters thoroughly; beat egg whites with an electric mixer on medium to high speed until soft peaks form (tips curl). Fold egg whites into batter, leaving a few puffs of egg white. Do not overbeat.
Heat a lightly greased griddle or heavy skillet over medium heat until a few drops of water dance across surface. Reduce heat to medium-low. For each pancake, pour a scant 1/4 cup batter onto hot griddle. Spread batter into a circle about 4 inches in diameter and 1/4 inch thick. Cook over medium-low heat until pancakes are golden brown, turning to cook second sides when pancake surfaces are bubbly and edges are slightly dry (about 2 to 3 minutes per side). Repeat with remaining batter, making 16 pancakes.
Carefully transfer 4 pancakes to a foil-lined baking sheet. Sprinkle about 1-1/2 teaspoons of the walnut mixture onto each pancake. Place a second pancake atop each first pancake and sprinkle with more nut mixture. Repeat stacking to make a total of 4 stacks of 4 pancakes each. Heat pancakes in a 300 degree F oven about 10 minutes or until heated through. To serve, cut into pie-shaped wedges. Makes 4 servings.