Preheat oven to 350°F. Stir graham cracker crumbs, sugar, and melted butter together until it looks like wet sand. Press evenly into a 9x13-inch baking dish and bake for 6 minutes. Cool completely.
Beat cream cheese until smooth, about 1 minute. Add vanilla and mix in. Beat in powdered sugar on low speed until no streaks remain. Fold in whipped topping until light and fully combined.
Spread over the cooled crust. Cover and refrigerate.
In a saucepan over medium-high heat, whisk together sugar and cornstarch. Whisk in key lime juice, melted butter, and egg yolks. Cook, whisking constantly, until the mixture simmers and thickens enough to coat the whisk, about a few minutes. Remove from heat immediately.
Cover and refrigerate the custard for about 2 hours until completely cold. Fold in whipped topping and green food coloring.
Spread the key lime filling over the cream cheese layer.
Spread remaining whipped topping over the lime layer. Cover tightly and refrigerate at least 6 hours, or overnight.
Garnish with graham cracker crumbs and lime zest, if using, just before serving.
Notes
This dessert needs the full chill time, at least 6 hours and ideally overnight, for the layers to set firmly enough to slice cleanly. Cutting it too early will give you messy, sliding layers.
Make sure the crust is completely cool before adding the cream cheese layer, and make sure the custard is completely cold before folding in the whipped topping. Skipping either of these can keep the layers from setting properly.
Leftovers keep in the refrigerator for up to 4 days, covered tightly.