This isn't the right forum for your question unless you're considering changing to a Coldfire chip. You should post in the right forum. Which is the 8-bit one. There's a "Move" option under the "Other Actions" somewhere that lets YOU move it to the right place. Which is the "16 bit forum":
S12 / MagniV Microcontrollers
How easy it is to port to a different model of that chip, or even to a Coldfire or Kinetis part depends on whether the code is written in Portable C or in Assembly.
If you don't want to even READ the code to see if you can make it better, you certainly don't want to port it to a different architecture.
You're lucky that you've run out of RAM and not ROM. All you have to do is to look at the generated MAP file and see if there are any large arrays or buffers in there that don't need to be that big. Also arrays of bytes or words that could be converted to arrays of bits.
This is standard software engineering. Everybody has to do that at some time or other.
> Realistically, how easy would it be to port the code if I chose a micro from
> the same family/form factor/pinout etc ( eg MC68HC912DT128A)?
Depends entirely on what peripherals the chip provides and what ones you're using. If the peripherals match, it should be very easy. The DT128A looks like a superset of the one you're using, with more memory and more peripherals. As for the pinout, you'll have to compare them yourself be getting the data sheets and reference manuals and comparing them side by side. Given there are more peripherals, they may be at different addresses (should be easy to change if the code is well written). Some of the control registers may have changed to deal with the extra peripherals (3 CAN controllers versus 1 and so on).
Tom