1In 2-quart heavy saucepan, stir eggs, granulated sugar and salt until well mixed. Gradually stir in milk. Cook over medium heat 10 to 15 minutes, stirring constantly, until mixture just coats a metal spoon; remove from heat. Stir in 1 teaspoon vanilla. Place saucepan in cold water until custard is cool. (If custard curdles, beat vigorously with hand beater until smooth.) Cover and refrigerate at least 2 hours but no longer than 24 hours.
2Just before serving, in chilled medium bowl, beat whipping cream, powdered sugar and 1/2 teaspoon vanilla with electric mixer on high speed until stiff. Gently stir 1 cup of the whipped cream, the rum and food color into custard.
3Pour custard mixture into small punch bowl. Drop remaining whipped cream in mounds onto custard mixture. Sprinkle with nutmeg. Serve immediately. Store in refrigerator up to 2 days.