Line an 8x8" square baking dish with foil, extending the sides of the foil over the edges of the pan. Mist the foil lightly with cooking spray.

Add 1/2 cup of milk to a shallow dish or bowl. Dunk ladyfingers into the milk one at a time and line up side-by-side in the pan; you should have 2 rows of about 6 ladyfingers in each row. Break apart some ladyfingers to fit if needed. Set aside briefly.

In a large bowl, whisk together the remaining 1 & 1/2 cups milk and the dry pudding mix for 2 minutes or until thickened. Once thickened, fold in the whipped topping until combined and smooth. Spread half of the whipped pudding mixture evenly over the ladyfingers; sprinkle the pudding layer with half of the cherries, 1/2 cup of the almonds, and 1/4 cup of the coconut.

Repeat with remaining milk-dunked ladyfingers, pudding, and remaining cherries, almonds, and coconut. Cover with plastic wrap and refrigerate until firm and set, at least 4 hours.