Grease 2 (9") round cake pans with shortening, line pans with wax paper, and grease paper. Dust with flour, shaking out excess.
Beat butter at low speed with an electric mixer 2 minutes or until creamy. Gradually add sugar, beating at medium speed 5 minutes or until light and fluffy. Add eggs, 1 at a time, beating just until yellow disappears.
Combine flour, baking powder, and salt in a medium bowl. With mixer at low speed, add dry ingredients alternately with coconut milk, beginning and ending with dry ingredients. Add extracts. Pour batter into prepared pans.
Bake at 350° for 23 to 25 minutes or until a wooden skewer inserted in center comes out clean. Cool layers in pans on wire racks 5 minutes; remove from pans, and cool completely on wire racks. Cake layers can be wrapped and chilled up to 2 days, if desired.
Spread Coconutty-Pecan Frosting between layers and on top of cake; let ooze down sides.