In a large mixing bowl, cream together palm shortening (or butter) and sugar until smooth. Add in egg yolks and beat well.
Combine flour, soda, milk, lemon juice and vanilla. Gently mix in half of the pecans and coconut flakes.
In a separate bowl, beat egg whites until light and fluffy. Fold into cake batter.
Pour into two greased cake pans. Bake at 350F for about 25-30 minutes or until cooked through.
Remove cakes from oven and let cool for about 10 minutes. Carefully remove cake from pans and place on wire racks to cool completely.
Meanwhile, in a mixing bowl using the whisk attachment, blend frosting ingredients until smooth and whipped (about 2 minutes).
Place one cake onto a serving dish and spread a thin layer of frosting. Top with remaining cake and frost top and sides. Sprinkle top with remaining coconut and pecans.