Preheat clean grill to medium-low. In large glass baking dish, whisk together coconut milk, eggs, vanilla and sugar. Dip bread in milk mixture and turn to coat both sides. Leave bread in milk mixture 10 minutes to soak.
Meanwhile, combine strawberries with orange peel and juice in medium bowl; toss to coat. Prepare 2 large heavy-duty foil squares. Divide strawberries in half, placing berries in center of each foil square. Bring edges together and fold to seal. Grill packet 10 minutes. Remove packet and hold closed.
Lightly oil grill; place coated bread slices on grill. Grill 3 to 4 minutes per side or until bread slices reach an internal temperature of 160°F.
Place grilled bread on plates and top with half of berries. Top with remaining bread and berries. Garnish with whipped topping and toasted coconut flakes, if desired.
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