Pat shrimp dry. In a large bowl, mix flour with salt and pepper. In a separate bowl, beat eggs with Tabasco. In a third bowl, mix bread crumbs, coconut and red pepper. Line a large baking sheet with parchment.
Pour enough oil to measure 1-inch deep in a large skillet. Warm over medium-high heat until a candy thermometer reads 370°F.
Working with one at a time, roll shrimp in seasoned flour, then dip in egg mixture. Allow excess to drip off, then press shrimp into coconut mixture until completely coated. Transfer to lined baking sheet. Keep refrigerated until ready to cook.
Fry shrimp, a few at a time, until golden brown, turning once or twice, 3 to 4 minutes per batch. Drain on paper towels. Serve hot.