In a bowl, combine flour and salt. In a mixer bowl, beat margarine, butter, and cooking oil with an electric mixer for 30 seconds. Add sugar; beat until fluffy.
Add the eggs, one at a time; beat 1 minute after each. In a bowl, combine evaporated milk, water, vanilla, butter flavoring, and food coloring, if desired. Alternately, add liquid and flour mixture to beaten mixture; beating until the mixture is combined.
In a well-greased, 10-inch tube pan, sprinkle the meal or ground nuts, coating bottom and sides of pan. Spread chopped nuts over bottom. Turn batter into pan.
Bake in a 325 degree F for 1-3/4 hours. Cool for 15 minutes. Remove cake from pan. Cool on a wire rack.
Drizzle cake with Icing, if desired. Decorate top with pecan halves, if desired. Makes 12 servings.
In a bowl, combine powdered sugar, vanilla, and milk to make an icing of drizzling consistency.