Combine all sauce ingredients in a small bowl and let stand at least 15 minutes to blend flavors before serving.
For the Shrimp:
In a deep saucepan, heat oil to 350°F (177°C) over medium high. Line a baking sheet with foil. Place coconut in a shallow bowl. In another bowl, combine flour, ginger ale, baking soda, salt, cayenne and egg, stirring until smooth. Dip shrimp in this, then press into coconut; place on baking sheet. Working in batches, place shrimp in hot oil; cook until golden brown, 3-5 minutes; remove; drain on paper towels. Serve immediately with dipping sauce.