In a large saucepan, melt butter. Stir in the confectioners' sugar, milk and vanilla until smooth. Stir in pecans. Transfer to a bowl. Cover and refrigerate for 2 hours or until easy to handle. Drop by level tablespoonfuls onto waxed paper-lined baking sheets. Form into egg shapes. Cover and refrigerate overnight.
Dip eggs into candy coating. Place on waxed paper until set. If a speckled look is desired, dip a small crumpled ball of waxed paper into food coloring. First gently press waxed paper onto a paper plate to remove excess food coloring, then gently press color onto eggs. Repeat if needed. Blot eggs with a paper towel.