Dissolve gelatin in 1/4 cup cold water and let stand for 1 minute. Add 1 cup boiling water and stir until all granules are completely dissolved.
Mix in 1 can crushed pineapple {with syrup from can}, sugar, salt, and lemon juice.
Prepare dream whip by mixing 2 packets with 1 cup of milk and 1 teaspoon of vanilla extract. Beat until stiff and add into gelatin mixture while gelatin is partially set.
Line 4 quart mixing bowl with waxed paper and alternate layers of cake and gelatin mixture.
Refrigerate for several hours or overnight.
When ready to frost, make the frosting by mixing Dream Whip with 1 cup milk, 1/2 cup powdered sugar, 1 teaspoon vanilla extract, 1/2 teaspoon lemon extract. Beat until stiff.
Turn over cake mixture from bowl on cake plate and frost. Top with shredded coconut.
Notes
Yes, Cool Whip can be substituted for Dream Whip! You will need about 4 cups of Cool Whip. {2 containers should be sufficient!}