You're lucky you aren't using the MCF5213. It has "multiple -kByte logical pages".
ColdFire MCF5213 Flash page size
It is possible the models with 128k of Flash have "one logical block" and the ones with 256k have two, but I don't think so. In the above post there's a definitive response from Freescale saying that (for the MCF5213) there is only one "block", either 128k or 256k.
I suspect the implication that there might be more than one "logical block" may be copied from the documentation from the company that provided the Flash module - "SuperFlash® technology licensed from SST”. If a chip maker did put multiple separate Flash modules in a chip then you could run from one while programming the other.
But you should always assume that you can't run from (or read data from) a Flash system while erasing or programming it - the code that does that should be written to run in RAM. Remember to disable all interrupts while the Flash programming is happening, unless all the vectors, stack and all possible code paths to service those interrupts are in RAM also.
Tom