Combine first 3 ingredients in a large mixing bowl; beat until light and fluffy. Add walnuts, coconut, cherries, and vanilla; mix well. Shape dough into 66 ovals about 1 1/2-inches long; place on waxed paper-lined baking sheets, and chill overnight.
Place chocolate in top of a double boiler over hot water, stirring until chocolate melts. Using 2 forks, quickly dip each candy oval into chocolate mixture; return to baking sheet. Chill until chocolate is firm; store in a cool place. Decorate with Royal Frosting.