Line a 9x5-in. loaf pan with foil. Grease foil with 1/2 teaspoon butter; set aside. Pulse 3/4 cup coconut in a food processor until coarsely chopped. Add cream cheese and remaining butter; pulse until blended. Gradually add confectioners' sugar; pulse until blended. Press into prepared pan. Refrigerate, covered, at least 3 hours. , Microwave candy coating and shortening until melted; stir until smooth. Cool slightly. Using foil, lift coconut mixture out of pan. Gently peel off foil; cut into 36 pieces. Taking a few pieces at a time, roll each into a ball; keep remaining pieces refrigerated., Using a toothpick, dip balls one at a time in melted coating mixture, allowing excess to drip off. Roll in remaining coconut; place on waxed paper-lined baking sheets. Refrigerate until set. Store in an airtight container in refrigerator.