COMBINE coconut milk, shallots, cilantro, fish sauce, jalapeno, lemon peel, ginger and garlic in blender container. Cover and process until smooth. Cover and chill.
CUT calamari tentacles into bite-size pieces. Cut body sections into 1/4-inch wide rings. Soak calamari in buttermilk 15 minutes.
HEAT 2 inches oil to 350°F in large saucepan over medium-high heat.
STIR flour, salt and pepper in medium bowl. Drain calamari, discarding buttermilk. Toss in flour mixture to coat. Cook in batches in hot oil 45 to 60 seconds or until golden brown. Remove with metal slotted spoon. Drain on paper towels. Season to taste. Serve with sauce or toss in sauce before serving.
Serving Size (1/4 of recipe), Calories 490 (Calories from Fat 250), Total Fat 28g (Saturated Fat 13g, Trans Fat 0g), Cholesterol 265mg, Sodium 1490mg, Total Carbohydrate 36g (Dietary Fiber 2g, Sugars 2g), Protein 24g; Percent Daily Value*: Vitamin A 2%, Vitamin C 15%, Calcium 10%, Iron 25%.
*Percent Daily Values are based on a 2,000 calorie diet.