Hi shankarig, first, I'm sorry for my delayed post to this topic... I don't know if this will be valuable information for you or not.
In theory GHS supports also P&E multilink devices through dedicated peserv, supplied with the IDE. Unfortunately, when I started the project with MPC5748, peserv didn't support it, so we went to Lauterbach instead of GHS probe. Personally speaking, this is best solution, since Lauterbach is independent from the compiler manufacturer and could be re-configured to support other MCUs when needed. Additionally, Lauterbach is very flexible and script customizable debugger.
Regarding GHS, usually they offer 30-day evaluation before purchase, but you have to contact them directly as b55689 mentioned already. This contact will give you also pricing information, since it may be or may be not dependent on company and your location.