Hello,
Yes, MQX will work on the K20 at 50Mhz. But as the harware is not the same, the bsp has to be modified, but many things can be reused. Have a look at this threat for BSP porting. You have the 'Clone' tool in the /tools MQX folder, you can start cloning the TWR-K20D50 BSP and make the modifications for the FRDM board. Internal peripherals drivers will be the same.
https://community.freescale.com/thread/306640
And yes, you can debug using OPENSDA.
Regards,
Luis