Hi
A new demo board costs $50 and you have several SW sources which will work out-of-the-box (either free or for small fees). It shouldn't take more than a day to get the basics working.
Following the present strategy may be rather more expensive and doesn't look to be predicatable how much time it will ultimately take. Since it has presently taken about 3 days without any progress I presume that you are working as an apprentice and your chef is giving you the job to gain experience and not achieve goals.
The M5235 can be used - if you don't have much experience you will need to find a BSP to get a working project [the biggest challenge is to get the device booting correctly, whereby it is probably simplest to run from external FLASH, which is programmed with CodeWarrior after selecting the exact FLASH type. Often the SDRAM controller needs to be configured and code copied first to SDRAM by a boot loader but there is enough internal RAM for small projects to not need to use SDRAM and boot loader at all].
After this you can chose any TCP/IP stack as reference. You will need to take the Ethernet controller and PHY configuration from somewhere (the EMAC should be compatible with any other Coldfire but the PHY initialisation may depend on the device on the board). The ARP, IP and UDP code is generally HW independent so shouldn't be a problem.
If you don't use an operating system, the simpler stacks use a periodic timer to control some counters so you will need to ensure that this code is running correctly - this may be HW dependent and you will need to ensure that the interrupt vectors are configured and working correctly. Vectors are often places in internal SRAM since this is the most efficient.
As an estimation, an experienced programmer should be able to do this in 1..2 weeks (very experienced maybe in 2..3 days). Less experienced programmers may require quite a bit longer.
It would in fact be an interesting exercise: could you report when the project has been completed and state which steps were the most time consuming?
Regards
Mark