In a bowl combine all the ingredients for the dipping sauce, mix well. Cover and refrigerate until needed.
In a medium bowl mix ¾ cup of flour, and add milk and mix well. Let batter sit for a few minutes. In another bowl or pie plate mix another ¾ cup of flour, sugar, and salt.
In a third bowl mix Panko breadcrumbs and flaked coconut.
Butterfly each shrimp. Use a sharp knife and cut through the back of the shrimp (where the vein was) so you can spread it opened. Leave the tail intact.
One by one dip each shrimp in the flour mixture, then the butter mixture and then the breadcrumb/coconut mixture. Coat evenly.
Deep fry the shrimp in batches at 350 degrees for 2-3 minutes or until golden brown. Drain on paper towels. Serve with dipping sauce.