IIRC is "if I recall correctly".
Are we talking about CW for MCUs V6.3? If so then
1) create new project. Being in "new project wizard", answer to "Would you like console io printf?" with "Enable Console Support".
2) Add to source file #include <stdio.h> and do some printf.
3) Click run and being in debugger go to Component menu, Open...and open Terminal window.
4) By default terminal I/O should be mapped to SCI0. You can verify that going to menu Terminal->Configure Cconnections... In Virtual SCI groupbox you should see Sci0.SerialOutput and Sci0.SerialInput. And if it so, then printf should work.
I'm checked that ith MCF51QE. And on MCF51QE there's no SCI0, first serial port is SCI1. Debugger is mapping BDM console to SCI0.