If using a store bought crust, defrost if needed. Line a 9" pie plate with pie crust. Line pie plate with aluminum foil - covering pie crust dough. Add enough uncooked rice or beans to cover the foil with a good layer to weight things down a little. Bake for 20 minutes. Remove from oven. Reserve rice/beans; set aside to cool on a wire rack.
In a medium saucepan over medium heat, bring milk and coconut to a simmer.
Beat together sugar, eggs, egg yolk, and flour in a large bowl. Slowly pour hot milk mixture to egg mixture, whisking constantly. Don't go too fast or the eggs will scrambled.
Return to same saucepan, and cook for 4 to 7 minutes until pastry cream begins to boil and thickens. Remove from heat; add vanilla and coconut extracts and mix to combine.
Transfer to a medium bowl. Cover with plastic wrap, making sure wrap is touching the surface of the cream to prevent a skin from forming. Refrigerate for at least 2 hours (up to 1 day).
Pour filling into baked and cooled pie crust. Return to refrigerator while preparing topping.
In a large skillet over medium heat, toast coconut until browned. Stirring often to prevent burning. Remove from skillet; set aside.
In a large bowl, whip together heavy cream, sugar, and coconut extract until stiff peaks form.
Spread whipped cream over pastry cream, and sprinkle with toasted coconut.