I thought I'd go back and post the solution. I had elevated this to a Service Request. Freescale's response was essentially the following:
1. Yes it does work...
2. However, the code is not compatible with the version of CodeWarriors you are using.
3. I wouldn't use the eTPU, it's kind of complex...

However, it turns out, the eTPU compiler does work for the latest version of CodeWarriors. All you have to do is place the generated code into your project source files. Place the .C and .H files in the proper directory. When you compile, you will get errors, like I did. All of these errors were simply because the path of the include files within the source files was not correct:
#include "etpu_util.h" // will generate an error
#include "etpu\_utils\etpu_util.h" // works
This is a simple solution.
Dogbert