Prepare the dipping sauce: Combine pineapple preserves, apricot preserves, and coarse-ground mustard in a bowl. Cover and chill until ready to use.

Peel the shrimp, leaving the tails on.

Butterfly the shrimp by making a deep slit down the back of each from the large end to the tail, cutting to, but not through the inside curve of the shrimp.

In a large bowl, stir together coconut milk, cilantro, and lime juice.

Add the shrimp, toss to coat, cover, and chill for about 25-30 minutes.

Drain the shrimp, but do not pat dry.

In a small bowl, whisk together the flour and beer.

In a shallow dish, combine the shredded coconut with breadcrumbs and cayenne pepper (if using).

Dip the shrimp into the beer batter, then dredge in the coconut/breadcrumb mixture, pressing with fingers to adhere.

Place the shrimp on a baking sheet and freeze for 20 minutes.

Pour oil into a Dutch oven to a depth of 2 inches.

Heat oil to 350 degrees F (175 degrees C).

Cook the shrimp in batches (2-3 minutes per batch, or until golden brown).

Drain on paper towels, then sprinkle lightly with salt.

Serve immediately with prepared dipping sauce.