Combine 2 cups flour, sugar, undissolved yeast and salt in a large mixer bowl. Heat water, milk and 5 tablespoons butter until very warm (120° to 130°F); stir into flour mixture. Stir in eggs and enough remaining flour to make soft dough. Knead on lightly floured surface until smooth and elastic, about 6 to 8 minutes. Cover; let rest on floured surface 10 minutes.
Divide dough into 32 pieces; roll into balls. Melt remaining 3 tablespoons butter; dip balls in butter. Layer 1/3 cup syrup, 1/2 cup walnuts, and 16 balls evenly in bottom of greased 10-inch tube pan with nonremovable bottom. Repeat layers once. Top with remaining 1/3 cup syrup. *Cover; let rise in warm, draft-free place until doubled in size, about 30 to 40 minutes.
Bake at 375°F for 30 to 35 minutes or until done, covering with foil during last 10 minutes to prevent excess browning. Let cool in pan on rack for 10 minutes. Invert onto serving plate.
*CoolRise Method: Shape loaf as directed. Cover tightly with plastic wrap; refrigerate 2 to 24 hours. To bake, remove from refrigerator, uncover dough, and let stand 10 minutes at room temperature. Bake and let cool as directed.