Sprinkle gelatin in cold water in a small bowl. In another small bowl, combine egg yolks, 1/4 c sugar, salt and vanilla. Add the egg mixture to the hot milk and cook in a double boiler until the mixture coats a spoon. Stir the gelatin into the hot mixture until dissolved, and chill until syrupy.
Meanwhile, beat the egg whites, gradually adding 1/4 c sugar, until stiff. Fold cooled egg mixture and 1 c of the whipped cream into the egg whites. Pour mixture into cooked pie crust and chill until firm.
Top the pie with remaining whipped cream and sprinkle with almond slivers and coconut.