Hi fedor,
Thank you very much for your responses. In addition to your responses, I would like to add some more queries.
1.) Suppose if I am using the binary - '10010' (as marked below), I will get 14:1 PLL ratio.

Please suggest what should be the adequate PLL ratio.
2.) As you told that theoretically first option is possible, so consider the below implementation :-
A.) My PBL is stored in NOR flash which is represented by '10010' Hard coded settings and this will be used for both - fresh board as well as already programmed board.
B.) My Boot_SRC says the location NAND and my 2nd stage booting files are stored in the NAND.
whether above implementation is possible?
3.) If you look into the P2040 reference manual, it says - (as marked below)

Please suggest, how we can use NOR and NAND simultaneously in our implementation.