Preheat oven to 350 degrees F (175 degrees C).

In a medium bowl, cut the butter into the flour with a pastry blender or two knives, until mixture resembles coarse meal. Stir in pecans, press into bottom of a 9x13-inch baking dish and bake 15 minutes, or until golden. Cool completely.

In a medium bowl, combine cream cheese, confectioners' sugar and 1 cup whipped topping with electric mixer until smooth. In a separate bowl, whisk together chocolate pudding mix, vanilla pudding mix and milk until there are no lumps. Combine cream cheese mixture and milk mixture and stir until smooth. Pour onto cooled crust. Spread remaining 2 cups of whipped topping on top of pudding mixture. Sprinkle 2 tablespoons of chopped nuts over all. Chill in refrigerator until serving.