LINE 13x9-inch pan with foil, leaving ends of foil hanging over sides of pan. Combine graham crumbs, butter and 2 Tbsp. sugar; press onto bottom of prepared pan.
BEAT cream cheese, orange zest and remaining sugar in large bowl with mixer until blended. Add eggs, 1 at a time, mixing on low speed after each just until blended. Pour over crust.
BAKE 45 to 50 min. or until center of cheesecake is almost set. Cool completely.
USE foil handles to transfer cheesecake from pan to cutting board. If necessary, trim edges of cheesecake to make top of cheesecake level. Discard trimmings or reserve for snacking. Cut trimmed cheesecake rectangle into 5 (7x2-inch) strips. Refrigerate remaining cheesecake for another use.
CUT 1 (7x2-inch) rectangle from cardboard cake board. Stack cheesecake strips on cake board.
MICROWAVE chocolate chips and whipping cream in microwaveable bowl on HIGH 30 sec. or until chocolate is almost melted. Whisk until chocolate is completely melted and mixture is well blended. Spread chocolate mixture over cheesecake stack, completely covering top and sides of stack.
ROLL out 8 oz. of the fondant to 1/8-inch thickness; cut out 2 (5-1/4x2-1/4-inch) rectangles from fondant. Use fondant tool to add decorative lines to tops of fondant rectangles for the purse's stitching as shown in photo. Place onto short sides of cheesecake stack; lightly pressing into cheesecake stack to secure.
ROLL out 1-1/4 lb. of the remaining fondant to 1/8-inch thickness, lifting fondant as it is rolled out to prevent it from sticking to the work surface. Cut out 1 (12-1/2x7-1/4- inch) rectangle from fondant. Use fondant tool to add decorative stitching to top of rectangle. Wrap fondant rectangle over cheesecake stack to cover front and back of stack, gently pressing fondant rectangle into cheesecake stack to secure.
ROLL out 1-1/4 lb. of the remaining fondant to 1/8-inch thickness; cut out 1 (10-1/2x7-1/4-inch) rectangle from fondant. Add decorative stitching to top of rectangle. Trim one side of fondant to create rounded edge as shown in photo. Turn fondant sheet over, spread lightly with water. Starting at back bottom edge of cheesecake stack, place fondant rectangle, moistened side down, over stack, gently pressing fondant rectangle into cheesecake stack to secure. (This fondant piece will completely cover back and only part of front of cheesecake stack for the purse's flap as shown in photo.)
ROLL out fondant trimming to 1/8-inch thickness. Use small sharp knife to cut out logo. Lightly spread back of fondant cutout with water; place, moistened side down, on front of purse, pressing cutout gently into purse to secure. Brush with silver luster dust.