For the cake: Preheat oven to 350* F. Grease and flour two 9" round pans.
Cream together shortening, sugar, vanilla, and eggs. Add half the flour, then half the milk, then the remaining flour, and then the remaining milk. Pour into prepared pans and bake for 20-30 minutes until lightly browned and cooked through. Cool in pans for 10 minutes, and then remove to a cooling rack. (I can never manage that without burning myself, so I leave them in the pans, but put the pans on a rack so they cool quicker.).
Make the custard filling while the cake is baking. Mix egg yolks (save the whites for the frosting) milk, sugar, and corn starch in a small saucepan. Cook over medium heat, stirring constantly, until mixture thickens. Add coconut and chill thoroughly.
To make the Snow Peak Frosting, bring corn syrup to a boil. Beat egg whites with a pinch of salt until soft peaks form. Continue beating egg whites, and slowly pour hot syrup inches Continue beating for 6-8 minutes until frosting is fluffy with stiff peaks.
Once the cake and custard are fully cooled, slice each cake in half horizontally, so you will have four layers. Place 1/3 of the custard between each layer, leaving the top of the cake plain. Frost sides and top with snow peak frosting, and sprinkle with remaining coconut. Refrigerate until ready to serve.