Beat shortening at medium speed with an electric mixer until fluffy; add sugars, beating well. Add eggs, beating until blended.
Combine flour and next 4 ingredients; gradually add to sugar mixture, beating after each addition. Stir in coconut, cereal, vanilla, and, if desired, pecans.
Drop by tablespoonfuls onto baking sheets.
Bake at 350° for 10 minutes or until lightly golden. Remove to wire racks to cool.