Hi John,
Yes, you will need the TWR-SER board to run the MED-SPO2 demo since the demo uses the TWR-SER USB port to communicate with the GUI. The OSBDM debug port in the K53 board is used to download the program to the MCU using IAR and after this you will have to connect the TWR-SER to the host computer.
You can find more information on the following link:
http://cache.nxp.com/files/32bit/doc/ref_manual/DRM141.pdf
Hope it helps!
Best Regards,
Carlos Mendoza
Technical Support Engineer