Hello myke,
Unfortunately I don't have experience with valgrind, but list below some tools that might be useful:
For static code analysis there exists Codan tool in CW for MCU 10.3:
http://mcuoneclipse.com/2013/01/06/free-static-code-analysis-with-eclipse/
Right now the free tool is able to catch not that many problems ans some are rather basic. Still it can help.
For MQX we provide Task Aware Debug plugin (TAD) and MQX Runtime TAD. Description of the Runtime TAD can be found in the document in MQX installation directory:
c:\Freescale\Freescale_MQX_4_0\doc\tools\cw\MQX_RuntimeTAD_getting_started.pdf