Heat oven to 400°F. Bake and cool crust as directed on package for One-Crust Baked Shell.
In medium bowl, beat cream cheese on medium speed until smooth. Beat in pudding mix until well blended. Gradually beat in milk. Add limeade concentrate and food color, beating until slightly thickened. Gently stir in 1 cup of the whipped topping. Pour into pie shell. Refrigerate at least 5 hours until set.
Just before serving, sprinkle toasted coconut over pie. Garnish with remaining whipped topping. Cover and refrigerate any remaining pie.