No, you cannot use an external Kinetis as debugger to take advantage of the SWO pin, as that external Kinetis boards would run OpenSDA. As pointed out below: it is not possible to use SWO with OpenSDA because the OpenSDA firmware does not support SWO. The hardware (debug connector) would support it, but not the OpenSDA.
So: you need an external debug probe capable for SWO, either a SEGGER, a P&E or a LPCLink2 probe (as shown in above article).
You don't have to do anything in your application/firmware: the probe firmware will handle everything.