Bake pecans and pine nuts in a shallow pan at 350º for 12 to 15 minutes or until toasted, stirring once. Let cool 5 minutes.
Process basil, parsley, garlic, and 1/3 cup olive oil in a food processor until coarse paste forms. Add nuts and cheese, and process until blended, stopping to scrape down sides. With processor running, pour remaining 1/3 cup oil through food chute in a slow, steady stream; process until smooth. Cover and chill up to 5 days or freeze up to 1 month, if desired.