Put milk, 3/4 cup sugar & the nutmeg in heavy 3-4 quart pan. Stir over med heat until bubbles appear around edge. Remove from heat. In med bowl whisk eggs & whites until blended. Gradually whisk in 2 cups hot milk mixture. Pour back into pan. Stir over med low heat for about 8 minutes until mixture is just under the boiling point (200) & is slightly thickened. Remove from heat. Stir in rum & vanilla. Refrigerate at least 2 hours. One hour before serving: Pour evaporated milk into a small bowl & place in freezer 45 mintues or until it starts to freeze around edge. Beat with mixer until foamy.

Add 2 Tbls. Sugar & beat 5 minutes or until stiff peaks form. Fold into eggnog. Pour into punch bowl. Dust with nutmeg.