Combine wafer crumbs, butter and 1/4 cup coconut; press onto bottom of 9-inch pie plate.
Bake 10 min. Cool.
Microwave cream cheese in microwaveable bowl on HIGH 10 sec. or just until softened; stir until creamy. Beat pudding mixes and 2 cups milk in large bowl with whisk 2 min.
Add half the cream cheese; mix well. Stir in 3/4 cup of the remaining coconut and 1 cup COOL WHIP.
Pour into crust.
Add sugar and remaining milk to remaining cream cheese; mix well. Stir in remaining COOL WHIP; spread over pie. Refrigerate 3 hours. Meanwhile, toast remaining coconut.
Sprinkle toasted coconut over pie just before serving.