Combine flour and macadamia nuts in a large bowl; make a well in center of flour mixture.
Combine half of beer, egg yolks, 2 tablespoons oil, and cream of coconut; add to dry ingredients, stirring just until moistened. Stir in remaining half of beer, 1/2 teaspoon salt, and 1/2 teaspoon pepper until smooth.
Peel shrimp, and devein, if desired, leaving tails intact. Combine remaining 1/2 teaspoon salt, remaining 1/2 teaspoon pepper, lime juice, and garlic in a large bowl; add shrimp, tossing to coat. Cover and chill 30 minutes.
Dip shrimp in batter; dredge in coconut.
Pour oil to a depth of 2 inches in a Dutch oven; heat to 375°. Fry shrimp 6 to 8 minutes or until golden; drain.