In a large bowl, combine evaporated milk, sugar, and coconut milk; stir until sugar is dissolved. Stir in whipping cream, lemon or lime juice, and vanilla. Stir in 1 1/3 cups of the coconut.
Pour coconut mixture into freezer canister of 2 quart ice cream freezer. Freeze according to manufacturer's directions. If desired, ripen ice cream about 4 hours.
To serve, scoop ice cream into dessert dishes. Sprinkle with remaining coconut.
* To toast coconut, preheat the oven to 350°F. Spread the coconut in a single layer in a shallow baking pan. Bake for 5 to 10 minutes or until the coconut is light golden brown, stirring occasionally.