Combine tomato juice, cream cheese, onion juice, lemon juice, salt, and hot sauce in top of a double boiler. Cook over boiling water until cheese melts, stirring constantly.
Dissolve gelatin in cold water; add to tomato juice mixture, stirring well. Remove from heat; cool. Add shrimp, crab meat, green pepper, mayonnaise, olives, celery, and pimiento; mixing well. Gently fold in whipped cream.
Pour mixture into an oiled 5 1/2-cup fish mold; chill several hours or overnight. Unmold onto a lettuce-lined serving plate. Serve as a salad with Chilled Steamed Asparagus, if desired.