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Prepare Cake Batter: Preheat oven to 350°F. Bake pecans in a single layer in a shallow pan 8 to 10 minutes or until toasted and fragrant, stirring halfway through.
Stir together flour and next 4 ingredients in a large bowl; stir in eggs and next 4 ingredients, stirring just until dry ingredients are moistened. Sprinkle 1 cup toasted pecans into a greased and floured 14-cup Bundt pan. Spoon batter over pecans.
Bake at 350°F for 1 hour to 1 hour and 10 minutes or until a long wooden pick inserted in center comes out clean. Cool cake in pan on a wire rack 15 minutes; remove from pan to wire rack, and cool completely (about 2 hours).
Prepare Glaze: Process cream cheese, powdered sugar, vanilla, and 1 Tbsp. milk in a food processor until well blended. Add remaining 1 Tbsp. milk, 1 tsp. at a time, processing until smooth. Immediately pour glaze over cooled cake, and sprinkle with remaining ½ cup toasted pecans.