I sorted this out. I didn't notice there were two more bits that modified the sample rate setting to be x1. x1/2 x1/4 and x1/6. All fine and well. I presume the idea is that the source clock must (generally) be 256xFs, and so you've got to generate a source clock that is 256x whichever of the 4 sample rate (32k,44k1, 48k, 96k) that you choose. Then if you want to use a sub-multiple, change those other 2 bits accordingly.
BTW it looks as if the PLL inside the SGTL can only be programmed once out of reset. So that is not a solution for a system that needs to play various audio files. And Processor Expert does not know how to configure the I2S peripheral (which they call SSI) to generate the desired MCLK frequencies. There is a fractional divider, with two fields, FRACT and DIVIDE. There are something like 1 million combinations of these two values. My solution was to write a script that calculated the ratio for all combinations and printed out the one that was closest to the desired frequency.