For cake: Preheat oven to 350 F, and prepare pans with parchment circles and lightly spray with baking spray. Using a stand mixer or hand mixer, cream butter and sugar until light and fluffy, approximately 3 minutes. Add baking emulsion, lemon zest, lemon juice and mix well. Add eggs one at a time and mix until well incorporated. Add flour and heavy whipping cream, alternating each a third at a time, ending with the whipping cream. Mix until combines, but do not over mix, approximately 2 minutes.
Divide batter between pans. Bake in preheated oven for 38 to 40 minutes. Check cake at 38 minutes to make sure it is not over baking (cake will pull away from the edges). Insert a cake tester or toothpick at the center of the cake. If toothpick removes clean, then it is done. Place on cooling racks in pan for 15 minutes. Remove from pan and let cake cool completely.
For the frosting: In a large bowl, cream together cream cheese and butter until smooth and fluffy. Add lemon juice, zest, and powdered sugar and stir to combine. Add whipping cream 1 or 2 tablespoons at a time to reach spreadable consistency. Use immediately. Yields 3 cups.