In a heavy saucepan, combine 2-1/2 cups fat-free milk and egg substitute. Cook and stir over low heat until mixture is thick enough to coat a metal spoon and reaches at least 160, about 10 minutes. Remove from the heat; set pan in ice and stir to cool quickly.
Pour into a large bowl; stir in condensed milk and remaining fat-free milk. Cover and refrigerate overnight. Combine bananas, lime juice and vanilla; stir into milk mixture.
Fill ice cream freezer two-thirds full; freeze according to manufacturer's directions. Refrigerate remaining mixture until ready to freeze. Spoon each batch into a large freezer-safe container; gently fold in chocolate topping, pecans and cherries. Store in refrigerator freezer.
Yield: about 2-1/2 quarts