Hi Richard,
On the MCF51QE128 the instruction clock is the same frequency as the output from the ICS, and the bus clock (peripherals etc) is divided by 2.
Instruction clock = ICSCLK
Bus Clock = ICSCLK / 2
Device Reference Manual, PDF page 24. Figure 1-3
So, yes, if you use the 16MHz crystal, set the FLL to generate 48MHz, then the core will run at 48MHz and the peripherals at 24MHz.
I reckon
ICSC1_CLKS = 00
ICSC1_RDIV = 100
ICSC1_IREFS = 0
ICSC2_RANGE = 1
ICSSC_DRS = 10 (FLL factor is 1536)
This is going to give 48MHz exactly. Good luck
Mark