Cook the butter in a saucepan over medium-low heat 8 minutes or until a golden amber color, stirring frequently; refrigerate overnight.
Let brown butter stand at room temperature for 1 hour. Combine 1 cup sugar and molasses in a bowl. Combine flour, baking soda, cinnamon, salt, and nutmeg in a separate bowl.
Cream together the shortening, softened brown butter, sugar mixture, and remaining ½ cup sugar in a mixer on medium speed. Add eggs and vanilla extract; mix until incorporated. Reduce mixer speed to low; gradually add flour mixture and mix until incorporated. Mix in dried cherries, chocolate chips, and walnuts.
Portion cookies onto parchment-lined half sheet trays using a #24 portion scoop (1¾ ounces), 6 cookies per tray. Cover with plastic wrap; refrigerate at least 1 hour or up to 3 days. Yield: 34 cookies.
Transfer parchment paper with portioned cookies to room temperature half sheet tray. Bake cookies at 375°F for 12 minutes or until bottoms of cookies are golden brown. Cool cookies on sheet tray for 3 minutes. Serve cookies warm alongside a glass of melted ice cream.