Preheat oven to 350°. Line bottoms of 2 greased 9-in. round baking pans with parchment; grease paper.
Place walnuts and 1/4 cup sugar in a food processor; pulse until nuts are ground. In a small bowl, beat cream until stiff peaks form. Set aside walnut mixture and cream.
In a large bowl, beat eggs and remaining sugar until thick and lemon-colored; beat in vanilla. In another bowl, mix flour, baking powder, salt and walnut mixture; fold into egg mixture alternately with whipped cream.
Transfer to prepared pans. Bake 25-30 minutes or until a toothpick inserted in center comes out clean. Cool in pans 10 minutes before removing to wire racks; remove parchment. Cool completely.
For frosting, in a small bowl, beat cream until stiff peaks form. In a large bowl, beat cream cheese, sugar, vanilla and salt until blended. Fold in whipped cream.
Using a long serrated knife, cut each cake horizontally in half. Place 1 cake layer on a serving plate; spread with 1/2 cup frosting. Top with a second cake layer. Reserve 2 tablespoons preserves for strawberries; spread half the remaining preserves over top of cake to within 1/2 inch of edge. Repeat layers.
Frost sides of cake with remaining frosting. For a basket weave design, run a small offset spatula around cake to form ridges, stopping and starting at short intervals. Arrange strawberries over top. In a microwave, melt reserved preserves; brush over strawberries. Refrigerate until serving.
To toast nuts, bake in a shallow pan in a 350° oven for 5-10 minutes or cook in a skillet over low heat until lightly browned, stirring occasionally.