Beat butter and cream cheese at medium speed with an electric mixer until creamy. Gradually add sugar, beating at medium speed until light and fluffy. Add eggs, 1 at a time, beating just until the yellow disappears.
Sift together 3 cups flour and 1/2 teaspoons salt; add to butter mixture alternately with bourbon, beginning and ending with flour mixture. Beat batter at low speed until blended after each additioin. Stir in 1 1/2 teaspoons vanilla, toasted pecans, and shredded coconut. Pour batter into a greased and floured 12 cup tube pan.
Bake for 1 hour and 30 minutes to 1 hour and 35 minutes or until a long wooden pick inserted in center of cake comes out clean. Cool in pan on a wire rach 10-15 minutes. Remove from pan and cool completely on wire rack.
Stir together 2 cups powdered sugar, 3 tablespoons milk, and 1 teaspoons vanilla until smooth, adding another 1 tbsp milk, if necessary, for desired consistency.
Place completely cooled cake on serving place or cake stand; spoon glaze evenly over cake.