To make the Cherry Syrup: Sprinkle the sugar over bottom of a large saucepan over medium heat. Heat until the sugar begins to melt (1-2 minutes). Add the thawed cherries, lemon juice and cornstarch and cook, stirring occasionally, until clear and syrupy about 5-8 minutes. Remove from heat, remove half the cherries with a slotted spoon and coarsely chop. Set aside chopped cherries for use in the bread. Refrigerate the remaining whole cherries in syrup in an airtight container until required.
To Make the Vanilla Cream: In a medium saucepan over medium-high heat, bring the cream, milk, vanilla to a boil. Remove from heat and allow to stand for 5 minutes. Meanwhile, in a small bowl, whisk the egg yolks, sugar and cornstarch until smooth. Return the cream mixture to medium-high heat and return to just below boiling over medium-high heat. Remove from heat and very slowly (a drop at a time at first), add to the bowl with the yolk/sugar mixture while whisking continuously to combine. Continue until all the milk mixture is added and then return the whole mixture back to the saucepan and over medium heat, whisk continuously until thick (4-6 minutes). Remove from heat, transfer to a bowl and let cool for 10-15 minutes, then cover closely with plastic wrap and allow chill completely (30-40 minutes). Fold in the cream cheese and refrigerate until required.
To make the French Toast: Place cherry syrup in a saucepan over low heat to warm while you are making the french toast.
Preheat oven to 300F. Spread half the bread slices with 2 Tbsp. of the vanilla cream and top with the other slices of bread, sandwich style. Set aside. Whisk together the eggs and milk in a flat bowl or deep plate to combine. Heat one third of the butter in a large non-stick frying pan over medium heat until foaming. Dip both sides of sandwiches in egg mixture, allowing to sit in the egg mixture for a minutes, then shaking off excess, and cook in batches, turning once, until golden, about 2-4 minutes. Transfer to an oven tray lined with baking paper and place in oven to keep warm. Wipe pan clean with absorbent paper and repeat with remaining butter and sandwiches.
Serve hot, drizzled with warm cherries in syrup and pass the remaining vanilla cream.