Hello @ranulf,
That message suggests that you have to update the firmware of the OpenSDA. Normally, there should be only the COM port mounted in the Device Manager of Windows, no drive mounted in Computer.
Usually, the BOOTLOADER driver is only displayed if you keep the SW4, BOOT button pressed while you connect the USB cable. This action indeed mounts a driver, in which you will find 4 files.

If you open the SDA_INFO.HTM, this will redirect you to the PEmicro's website, telling the Hardware information for your board.

Since the message in the screenshot you have attached, tells that an update is required, please register and download the Firmware Apps .zip file as shown above. In the archive, you will see a lot of SDA files for but you are interested in the DEBUG_OPENSDA-E200_Pemicro_v110.SDA

You have to unzip this file and copy-paste it in the BOOTLOADER drive.
Once the process has been completed, please unplug and replug the USB driver.
This should update the OpenSDA to the latest firmware and you should be able to flash the MPC5775E bootloader.
Hope this helps,
Marius