MICROWAVE butter in large microwavable bowl on HIGH 30 seconds or until melted. Add marshmallows; toss to coat with butter. Microwave on HIGH 1 minute or until smooth when stirred, stirring after 30 seconds.
ADD cereal immediately; mix lightly until well coated. Press 1/2 cup of the mixture onto bottom and up sides of each of 14 medium-sized muffin cups. Cool.
PLACE coconut in resealable plastic bag. Add few drops food coloring. Close bag; shake until coconut is evenly coated. Place about 1 tablespoon coconut in each cereal "basket" for "grass"; fill with candies as desired. Makes 14.