In a large saucepan, combine the sugar and cornstarch. Stir in water until smooth. Cook and stir over medium-high heat until thickened and bubbly. Reduce heat; cook and stir 2 minutes longer. Remove from the heat. Stir a small amount of hot filling into egg yolks; return all to pan, stirring constantly. Bring to a gentle boil; cook and stir 2 minutes longer. Remove from the heat. Gently stir in the lemon juice, butter, lemon peel and food coloring until smooth. Pour hot mixture into crust.
In a small bowl, beat egg whites until soft peaks form. Gradually beat in sugar, 1 tablespoon at a time, on high until stiff glossy peaks form and sugar is dissolved. Spread evenly over hot filling, sealing edges to crust.
Bake at 350° for 10-15 minutes or until the meringue is golden brown. Cool on a wire rack for 1 hour. Refrigerate for at least 3 hours before serving. Store leftovers in the refrigerator. Yield: 6-8 servings.