First in a heavy dutie 2 quart saucepan, stir together the eggs, sugar & slat until well mixed. Then gradually add in the milk. Cook over medium heat for about 10 to 15 mins. Make sure to stir conatantly until mixture just about coats the back of a metal spoon. Then remove from the heat & stir in 1 tsp. vanilla. Place the saucepan in a cold water until the custard is cool. Then cover & refrigerate for at least 2 hours or up to 24 hours. Note: If starts to curdle, just beat vigorously with an eletric mixer umtil smooth.
Next just before serving in a chilled medium bowl. Beat the COOL WHIP,powdered sugar & 1/2 tsp vanilla with an eletric mixer on high speed untilk stiff. Then gently stir in 1 cup of the COOL WHIP mixture, the rum & food coloring into the custard.
Then pour the custard mixture into a small or medium punch bowl. Then drop the remaining COOL WHIP mixture in mounds onto the custard. Then sprinkle with the nutmeg. Then serve immediately.
Note: Maybe stored in the refrigerator for about 2 days.