My recipe doesn't use condensed milk. I've had this recipe since the early 70's...it's written on a wrinkledy piece of scrap paper
Crust: 1 cup flour, 1 cup finely chopped nuts, 1 stick butter. Mix together and press into 13x9 pan. Bake for 20 minutes at 350 degrees; cool.
Blend 8 oz. cream cheese with 1 cup powdered sugar. Whip in 2 cups Cool Whip. Spread on crust layer.
Mix 1 package vanilla and 1 package chocolate pudding mixes with 3 cups cold milk. Spread on top of cheese layer.
Top with remaining 2 cups Cool Whip. Chill.