1. Heat the oven to 350 F.
2. Grease and flour three 9-inch round layer cake pans.
3. In a large mixing bowl with electric mixer, beat 1/2 cup of butter with the shortening and 2 cups of granulated sugar until light and fluffy. Beat in the egg yolks.
4. In another bowl, combine the flour, salt, and baking soda; stir to blend thoroughly.
5. In a small bowl or cup, combine the buttermilk and vanilla.
6. Add the flour mixture to the creamed mixture, alternating with the buttermilk and vanilla mixture. Stir in the coconut and 1 cup of finely chopped pecans.
7. Using a clean bowl and beaters, beat the egg whites until soft peaks form. Fold into the cake batter.
8. Divide the batter evenly among the 3 prepared layer cake pans and spread with a spatula.
9. Bake the cake layers for about 25 minutes, or until the cake springs back when lightly touched with a finger. A toothpick will come out clean when inserted into the center of a cake.
10. Cool in pans on a rack for 10 minutes. Carefully remove the pans and Cool completely.
11. Fill and frost with the cream cheese frosting below.

Frosting

1. While the cake is cooling, beat the cream cheese and 1/2 cup of butter until light. Beat in the vanilla. Slowly beat in the powdered sugar, a little at a time. Beat until fluffy. At this point, you may add the toasted coconut and pecans to the frosting, or save them and sprinkle them over the cake after it is frosted.
2. Fill and stack the cake layers, then frost the top and sides.
3. Store leftover cake in the refrigerator.