BEAT cream cheese and butter in large bowl with mixer until well blended. Gradually add flour, mixing well after each addition. (Dough will be very soft and sticky.) Divide dough into 4 portions; place each on sheet of plastic wrap. Use floured hands to pat each portion into 1-inch-thick round. Wrap individually in plastic wrap. Refrigerate overnight.
HEAT oven to 325°F. Cover baking sheets with foil or parchment paper. Mix nuts, 1/2 cup sugar and 2 tsp. cinnamon. Roll each portion of dough to 11-inch circle on lightly floured surface; spread each with 1 Tbsp. preserves.
SPRINKLE nut mixture over preserves. Cut each circle into 16 wedges. Roll up each wedge, starting from wide side. Place, point-sides down, on prepared baking sheets; shape into crescents. Sprinkle with combined remaining cinnamon and sugar.
BAKE 25 min. or until lightly browned. Immediately remove from baking sheets to wire racks; cool completely.