Hi Bob,
Regardless of how the console messages get sent, they're going to take up a lot of code space. On the Kinetis devices at least (I haven't seen an equivalent on HCS08) you have the option of using semihosting, which will let you pass messages through the debug interface.
On an 8k part, though, there's not much room for log messages. If you use the printf() command, that's going to take up easily half of your available memory. Usually when I'm working with devices that small I'm not emitting more than one or two character signals on a serial port.
As attached as I am to the HCS08 architecture (I grew up with the 6800 and the 6502) I have to say that if you're just getting into it, you might want to go with Kinetis.
Scott