Dissolve yeast in water in a large mixing bowl.Add next 5 ingredients,mixing well.Gradually stir in enough flour to make a soft dough;mix well.Place in a well-greased bowl,turning to grease top.Cover and let rise in a warm place(85*),free from drafts,11/2 to 2 hours or until double in bulk.Combine 3/4 cups sugar,3/4 cups coconut,and orange rind;set aside.
Punch dough down.Turn dough out onto a floured surface,and knead 7 minutes or until smooth and elastic.Divide dough in half.Roll each half into a circle about 12-inches in diameter;brush each circcle with 1 tablespons butter.Sprinkle each with half the coconut mixture;cut into 12 wedges.Roll each wedge tightly,beginning at wide end.
Place rolls on greased baking sheets,point side down.Curve into crescent shape.Cover and let rise 45 minutes or until doubled in bulk.Bake at 350*F.for 25 to 30 minutes or until lightly browned.While roll arewarm,drizzle with glaze.Sprinkle with remaining 1/4 cups coconut.
Orange Glaze:Combine all ingredients in a saucepan.Cook over low heat,stirring frequently,until heated.(Do not boil).