Cut 2 pieces waxed paper to fit bottoms of 2 heart-shaped cake pans that measure 9 inches at widest part and 1 1/2 inches in depth.
Grease bottoms of pans with butter; place waxed paper over butter.
Grease waxed paper with butter; coat lightly with flour.
Place 3/4 cup butter in large mixer bowl; beat with electric mixer until light.
Add sugar gradually; beat until smooth after each addition.
Add eggs one at a time; beat well after each addition.
Stir in molasses until well blended.
Sift flour with soda, cinnamon, and salt.
Add to egg mixture alternately with 1 cup milk; beat well after each addition.
Stir in orange rind.
Pour batter into prepared pans.
Bake in preheated 350°F oven 30 to 35 minutes or until cake tester inserted in center comes out clean.
Cool in pans 5 minutes.
Invert onto wire racks; remove waxed paper carefully.
Cool completely.
Spread cherry preserves between layers; frost sides and top of cake with Sweetheart Frosting.
Place coconut in pint jar.
Add 1/2 teaspoon of milk and enough food coloring for desired tint.
Cover jar; shake vigorously until coconut is tinted.
Decorate top edge and base of cake with coconut.