Melt butter and sugar in a small saucepan, making sure sugar is dissolved. Add graham cracker crumbs and mix well, making sure all crumbs are coated with the melted butter.
Press graham cracker crumbs in the bottom of a 9 x 13-inch pan, forming a crust.
Whisk the evaporated milk and regular milk together. Add the vanilla pudding mix and whisk for 1-2 minutes, or until pudding begins to thicken. Spread over graham cracker crumbs.
Layer top of pudding with sliced bananas, coconut and crushed pineapple.
Spread whipped topping over entire top, using enough to make a high layer (you may not use all 16 oz).
If using pre-made and refrigerated hot fudge sauce, place in microwave on HI for about 10-15 seconds, or until a pourable consistency (if using chocolate syrup, this step is NOT necessary). Drizzle fudge sauce or chocolate syrup over top of dessert. Sprinkle with the nuts and toasted coconut. Arrange cherries across the top such that each portion will get a cherry.
Chill for at least 1 hour.
*Lower fat/calorie products may be safely substituted.