Hi Steve,
The maximum 8bit res PWM frequency is equal to FBusclock max / 256.
In the case of MC9S08QE8 this is 10MHz/256 = 39kHz, surely enough to permit it to talk provided you are able to modulate it in real time. It should not be impossible: do you remember Commodore 64 in 1982 with a 2/4MHz 8bit 6502 talking? It should not be easy anyway: Commodore 64 had a dedicated sound generator but the power of its CPU was at least 1/5 to 1/10 of 9S08QE8.
You need perhaps all the processing power you may sink from your CPU, so once fixed your PWM frequency, lets say it is 8kHz, you must multiply it for 256*2^N where N is the PWM timer clock prescaler and this frequency must be lower than the maximum permitted Bus frequency (10MHz). In case of 9S08QE8 you may chose N=4 and FBus= 8.19MHz. With same N and Busclock= 10MHz, Fs would be 9765Hz which may be better than 8kHz to filter.
Considered that PWM modulation is independent from the PWM clock rate, I would use the maximum I could achieve, i.e. 39kHz @ 10MHz: this would permit a much easier filtering in the audio frequency band or a better frequency response.
Consider to use a faster CPU: I am using this days a 9S08SH8, extremely similar to -QE8 in size and pinning, at 20MHz to make audio FFT processing and display on a 'scope with 8bit 78kHz PWM. Higher memory sized -QE16/32 can run up to 25MHz Busclock.
Good work and good luck. Let us know of your results!