Combine first 5 ingredients in a large mixing bowl; beat at medium speed with an electric mixer 2 minutes. Stir in morsels, and pour batter into a greased and floured 12-cup Bundt pan.
Bake at 350° for 55 minutes. Cool in pan on a wire rack 10 minutes; remove from pan, and cool on wire rack.
Prepare frosting according to package directions, and beat in desired amount of food coloring. Spread frosting over cooled cake, and garnish, if desired.