Preheat oven to 300 degrees F. Remove crust from bottom of loaf. Slice bread loaf horizontally into three equal layers. Save the top layer for another use (such as bread pudding or croutons). Set remaining bread portions aside. In a 2-quart square baking dish beat together eggs, milk, 1 tablespoon sugar, and 1 tablespoon vanilla; set aside. In a large nonstick skillet or on a griddle melt 1 tablespoon of the butter over medium-high heat. Dip the larger bread portion into egg mixture, letting bread soak about 1 minute on each side. Add soaked bread portion to skillet. Decrease heat to medium. Cook about 5 minutes or until golden brown, carefully turning bread slice once. Place on baking sheet and keep warm in oven. Repeat with remaining butter, bread portion, and egg mixture.
Meanwhile, place strawberries in a large bowl. Melt preserves in a small saucepan; pour over berries and toss to coat. Set mixture aside. In a medium chilled bowl combine whipping cream, cream cheese, 1 tablespoon sugar, and 1/2 teaspoon vanilla. Beat with an electric mixer or wire whisk until soft peaks form. Place larger bread portion on a serving platter. Top with 2 cups of the strawberry mixture. Top with second bread portion. Top with some of the whipped cream mixture and remaining strawberry mixture. Serve immediately. Cut carefully into wedges to serve. Pass remaining whipped cream mixture. Makes 10 servings.