Preheat oven to 300 degrees F (150 degrees C).

Grease a 10-inch tube pan.

Combine flour, salt, and baking soda in a bowl.

Beat 1 1/2 cup butter and 3 cups sugar with an electric mixer in a large bowl until light and fluffy. The mixture should be noticeably lighter in color. 

Beat eggs one at a time into butter mixture, allowing each egg to blend completely before adding the next.

Beat in sour cream and 1 teaspoon vanilla extract with the last egg. 

Gradually stir flour mixture into egg mixture, mixing until just incorporated.

 Fold in 7 ounces flaked coconut, mixing just enough to evenly combine.

Pour the batter into prepared pan.

 Bake in the preheated oven until a toothpick inserted into the center comes out clean, about 90 minutes.

Cool in the pan for 10 minutes before removing to cool completely on a wire rack.

For Frosting:

 Whisk milk and cornstarch in a saucepan over medium heat until mixture becomes very thick, stirring constantly, about 5 minutes; set aside to cool completely.​

 Beat 1 cup sugar, 1/2 cup butter, and shortening with an electric mixer in a bowl until mixture is smooth and creamy.

 Beat cooled milk paste and 2 teaspoons vanilla extract into sugar mixture to achieve a light and creamy frosting. 

Spread frosting over completely cooled cake and sprinkle remaining 3 1/2 ounces flaked coconut over the frosting.