Hi @jcallon,
I tried to replicate your issue with a FRDM-MCXN947, so I followed the same steps that you shared.
However, I noted something on step 3; You mentioned that your use case "requires a 150MHz clock. Enable 150MHz clock by changing 'Initalize USBPHY clock' to 'PLL only'."
That said, the frdmmcxn947_led_blinky_cm33_core0 example project already enables the main clock to be 150MHz, and the Functional Group is already BOARD_BootClockPLL150M. So, I didn't have to make any changes in the Clocks Tool, other than enabling the Trace Clock and setting it to 75MHz.
I didn't even have to enable the SWO pin, as it is also enabled on the example code already.
Are you using the latest release of the SDK?
On my side, I only had to do step 1, 4, 5, 6, 7, 8 and 9, and it worked correctly, without any error message regarding the baudrate.