1To make filling, in large bowl, beat pudding mix and whipping cream with whisk 2 minutes. Let stand 3 minutes. Beat in 1/4 cup lime juice and the food color; stir in powdered sugar until smooth. Cover and refrigerate.
2Heat oven to 350°F (325°F for dark and nonstick pans). Place paper baking cup in each of 24 regular-size muffin cups. Make and bake cake mix as directed on box for 24 cupcakes. Cool in pans 10 minutes; remove from pans to cooling rack. Cool completely, about 30 minutes.
3Spread 1 rounded tablespoonful filling on top of each cupcake. Stir frosting in container 20 times. Gently stir in 1 tablespoon lime juice and the lime peel. Spoon frosting into 1-quart resealable food-storage plastic bag. Cut 1/2-inch opening across lower corner of bag. Squeeze 1 tablespoon frosting from bag onto filling on each cupcake. Garnish with fresh lime wedge if desired. Store covered in refrigerator.