Sift flour, sugar, baking powder and salt into mixing bowl. Drop in shortening. Combine milk and maraschino cherry juice and add ¾ cup of this liquid. Add flavoring extracts and mix with mixer on low for 2 minutes (100 strokes by hand).
Add remaining liquid and egg whites and beat for another 2 minutes. Fold in cherries and nuts. Bake in two 9-inch pans or two heart-shaped pans at 375 degrees for 20 to 25 minutes. (If you pour all the batter in one pan, bake at 350 degrees for 45-50 minutes)
When cool, cut layers with a heart-shaped pattern, if you didn't use a heart-shaped pan. Spread with frosting, and outline a short Valentine's message with a toothpick and fill in letters and outline of cake with sugar pearls.
Combine shortening, butter, flavorings, and salt and blend well. Beat in ½ cup sugar. Add hot cream alternating with remaining sugar, beating well after each addition. Add only enough cream to make a nice spreading consistency. Add a few drops of red or pink food coloring to tint frosting a delicate pink before spreading on cake.