Mix the dry ingredients: In a large bowl, whisk together the all-purpose flour, bread flour, cornstarch, baking soda, and kosher salt. Set aside.
Brown the butter: Melt the butter in a medium saucepan over medium-high heat. When entirely melted, sprinkle in the powdered milk and stir until evenly coated. Use the spatula to break up the large pieces of powdered milk solids. Keep stirring as the milk solids toast, scraping the bottom and sides often. Once they’re a pecan brown color, remove from the heat right away and pour everything (butter and browned bits) into a heatproof bowl. Set aside to cool slightly.
Add the sugars and wet ingredients: Stir the brown sugar and granulated sugar into the hot butter until smooth. Let it cool until only slightly warm, then add the eggs, egg yolks, coconut emulsion, and corn syrup. Stir vigorously until the mixture thickens slightly and is thoroughly blended.
Combine wet and dry mixtures: Add the flour mixture, coconut, chocolate chips, salted caramel chips, and pretzels to the wet ingredients all at once. Fold with a spatula just until you no longer see dry flour. Stop mixing early—overworking the dough will toughen it.
Shape and chill the dough: Scoop dough into 40–41g portions (#40 cookie scoop) and roll into balls. (See FAQ for making bakery-sized cookies.) The dough may feel soft and slightly greasy; the butter needs to chill. Chill the dough for at least 2 hours, up to 48 hours, before baking to firm up and develop flavor.
Bake: Preheat the oven to 370°F (188ºC) and line baking sheets with parchment or a silicone baking mat. Place the dough balls several inches apart (6-8 per baking sheet) and bake for about 7-8 minutes, until the tops look dry (yet domed and uncooked centers) and the edges are lightly browned. Immediately after removing the cookies from the oven, use a round cookie cutter or a spatula to round them. Add chocolate chips and caramel chips to the top of the cookies as needed. Sprinkle with flake salt.
Let the cookies cool completely on the baking sheet as they finish baking.