If using coconut rim, spread shredded coconut on a shallow plate. Run a lime wedge around rim of each glass, then press into coconut to coat. Tap off excess.
In a large pitcher, combine pineapple juice, coconut water, cream of coconut, and lime juice. Stir or whisk thoroughly until mixture is uniform and creamy with no streaks.
Taste and adjust flavors. Add more lime juice if too sweet. If using non-alcoholic rum, stir it in now and taste again.
Fill prepared glasses with ice. Pour punch over ice, leaving room for garnishes.
Garnish each glass with lime wheel, pineapple wedge, cherry, and pineapple frond if desired. Serve immediately.