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MICROWAVE chocolate and 1/2 cup COOL WHIP in microwaveable bowl on HIGH 1 min. or until chocolate is melted, stirring after 1 min. Reserve 2 Tbsp. nuts for garnish. Stir remaining nuts into chocolate mixture; spread onto bottom of crust.
BEAT pudding mix and milk with whisk 2 min. Stir in 1 cup of the remaining COOL WHIP. Reserve 10 cherries. Chop remaining cherries; stir into pudding mixture. Pour into crust.
COVER with remaining COOL WHIP. Refrigerate 3 hours or until firm. Top with remaining nuts and cherries just before serving.