In large bowl with electric mixer, beat cream cheese on medium speed until fluffy. Gradually beat in milk and vanilla until mixture is smooth and well blended. Add pudding mix; beat on low speed 2 minutes.
With rubber spatula, fold in whipped topping and 1/4 cup of the coconut. Spoon into crumb crust. Sprinkle with remaining 1/4 cup coconut. Refrigerate until set, at least 2 hours.