The use of the clock source will depend upon the tolerance in stability of clock that you are looking at. You can use the internal clock in your application if it meets your tolerance over the specified range of temperature your application is going to work in. Details on the clock tolerance/variance you can get in the electrical specifications of the MCG clocks in the device datasheet
For the clock configuration you will have to use the FEI mode and you will have to use the 32.768Khz internal RC. You cannot use the 4Mhz for this mode as that clock cannot be connected to the FLL module.
You will use the 4Mhz internal in VLPW and VPLR modes.
It will be a good idea to go through the chapter on MCG in the documentation http://cache.freescale.com/files/32bit/doc/quick_ref_guide/KQRUG.pdf?fpsp=1
This explains all the modes in detail
cheers !!!