In a heavy-bottomed saucepan, combine the canned coconut milk, whole milk, and shredded coconut. Place the saucepan over medium-high heat and stir until the mixture just begins to show signs of bubbling.
In a medium bowl, stir together eggs, egg yolk, sugar, and flour until combined. Temper the eggs by adding ¼ cup of hot milk mixture at a time to egg mixture, stirring after each addition. Whisk well. After you add it 3 times, add the warmed egg mixture into the saucepan with the coconut milk.
Whisk over medium-high heat until the pastry cream begins to thicken and bubble. Keep whisking until the mixture is very thick, about 4-5 minutes more. Remove the saucepan from the heat.
Add butter and vanilla and keep whisking until butter is melted. Transfer the pastry cream to a bowl and place it over another bowl filled with ice to expedite the chilling process. Place a piece of plastic wrap on top of the custard to prevent a film from forming and place in the refrigerator to chill. Let it chill long enough to become cold, about 1-2 hours.
Whipped Cream:
In a large mixing bowl, whip the heavy cream, powdered sugar, and vanilla until peaks form that is firm enough to hold their shape.
Assemble the Pie:
Take the pre-baked cooled pie crust and fill it with cooled coconut cream filling. Fill a pastry bag with whipped cream and pipe it over the pie.
To toast coconut: bake at 350 degrees for 6-8 minutes or until light golden brown color. Sprinkle all over the pie.