You can omit steps 1-2 if you like, but it really does add another rich layer of coconut flavor to this ice cream.
Cream of coconut is completely different from coconut cream Cream of coconut is essentially a liquid sugar flavored with coconut. It is found in the drink/cocktail mixes section of the grocery store (same stuff they use to make pina coladas). Whereas coconut cream, also called canned coconut milk, is the thick stuff you'll find in the Asian/ethnic section of the grocery store. You can replace it with an equal amount of white sugar if desired.