Hi, Matt,
The ADACK clock is an internal clock for only ADC module, I attach the clock frequency specs from the data sheet of KL17.

From the table, you know it varies from 1.0MHz to 9.5MHz based different register setting. In the case ADLPC=0 ADHSC=1, the typical frequency is 6.2MHz. Based on the graph ADC 16-bit Differential ENOB vs ADC Clock, I think 6.2MHz clock is okay to get high ENOB.
Regarding how to use the ADACK clock, before you use it, set the ADCx_CFG2[ADACKEN]=1, set the ADCx_CFG1[ADICLK] =11, then you can use the ADACK as ADC clock.
Regarding the remark "Also, latency of initiating a single or first-continuous conversion with the asynchronous clock selected is reduced because the ADACK clock is already operational.", this is my opinion, if the you configure:
the ADCx_CFG2[ADACKEN]=0, //the ADACK is disabled
the ADCx_CFG1[ADICLK] =11
you can still start the ADC to convert, the ADC will automatically enable the ADACK when you start ADC conversion, after conversion is complete, the ADACK is disabled automatically, in this way, the power consumption can decrease, but the latency will be introduced in the case.
If you configure:
the ADCx_CFG2[ADACKEN]=1, //the ADACK is enabled
the ADCx_CFG1[ADICLK] =11
The ADACK is enabled always, there is not any latency.
Hope it can help you
BR
Xiangjun Rong