Just before serving, warm remaining 2 table spoons fudge topping and drizzle over cherry pie filling. Freeze at least 3 hours. Serve garnished with reserved whipped topping and a cherry. Let stand 15 minutes. Store in airtight container, separating layers with waxed paper.
Flavor improves with standing.
Chop remaining cherries. Blend eggs and milk in shallow bowl or pie plate. Dip bread slices in egg mixture coating both sides. Cook, in batches, in 1 tbs. Repeat with remaining bread and margarine.