Hi nafiton,
are you using Linux as OS or trying the Freescale demo projects for CodeWarrior? The COBRA5329 Linux BSP V1.0 used a very slow pixel clock frequency because of the internal bus traffic on MCF5329. In the meanwhile there were done some optimizations (TFT controller priority on internal cross-bar switch, color depth etc.) so it's possible to speed up the pixel clock frequency to a much higher value. All "official" COBRA5329 demo software for VGA resolution is done by Emlix (www.emlix.com) and for Linux. Besides we changed to a QVGA display because this is typically requested by most COBRA5329 users.