Heat oven to 375°F. In medium bowl with electric mixer, beat granulated sugar, butter and 1 teaspoon almond extract on medium speed until light and fluffy. On low speed, beat in flour until well blended. Stir in coconut, nuts, chips and cherries.
Remove 1 pie crust from pouch; place flat on ungreased cookie sheet. Spread filling to within 1 inch of edge. Brush edge with beaten egg. Remove second pie crust from pouch; place flat over filling. Press and crimp edges to seal. Brush top with beaten egg.
Bake 18 to 26 minutes or until golden brown. Cool 15 minutes.
In small bowl, mix powdered sugar, 1/4 teaspoon almond extract and enough milk until smooth and desired drizzling consistency. Drizzle glaze over pastry. Cut into wedges. Serve warm or cool.