No. The tool will not do that. Checking over the product page, I see that CW for ColdFire 7.2 does support the MCF5445x family. I would download that and give it a try, as your license should stil be valid for it. Use the processor pragma to specify the part. (The description of this pragma is in the ColdFire Build Tools Reference manual, chapter 32, "Pragmas for ColdFire").
---Tom