1Preheat oven to 350. Grease 2 9 in cake pans, set aside. In large pan on med heat, add in 1 Tbsp butter along with coconut and pecans. Toast till golden. Remove from heat and cool.
2Combine soda and buttermilk, and let stand a few minutes.
In a large bowl,Combine oil and eggs, and sugar, mix well, Mix buttermilk mixture alternately with flour into mixture. Stir in 1 teaspoon vanilla. When mixture is mixed well...do not over mix. Add in 1/2 of toasted coconut and pecan mixture, reserving the rest for the frosting.
3Pour batter into prepared pans. Bake in the preheated oven for 25 to 30 minutes, or until a toothpick inserted into the center of the cake comes out clean. Allow to cool.
To make the Cream Cheese Frosting: Beat together cream cheese, 1/2 cup butter or margarine, 1 teaspoon vanilla, and confectioners' sugar. Stir in remaining pecans and coconut,I reserve a small amout to decorate the top. Frost and fill cooled cake with cream cheese frosting.