In 2-quart saucepan, heat milk, rice, 1/3 cup sugar and the salt to boiling over medium-high heat. Reduce heat to medium-low. Simmer uncovered 40 to 45 minutes, stirring frequently, until rice is tender and mixture is thickened.
Stir a small amount of the hot rice mixture into eggs, then stir eggs back into mixture in saucepan. Continue cooking over medium heat about 3 minutes, stirring constantly, until heated through. Cool 45 minutes, stirring occasionally.
In chilled large serving bowl, beat whipping cream and vanilla with electric mixer on high speed until thickened. Fold in cooled rice mixture. Cover and refrigerate at least 3 hours until well chilled.
In 1-quart saucepan, mix 1/2 cup sugar and the cornstarch. Stir in orange juice and frozen cherries. Heat over medium-high heat, stirring frequently, until mixture boils and thickens slightly. Stir in brandy. Serve sauce warm or chilled with pudding.