Your INIT_PLL function looks more-less correct, however:
Your value of REFDV is strange. REFDV register contains bits in lower half of byte.
Could you please specify oscillator/crystal frequency, expected bus clock, Oscillator connection (page 66 in RM), XCLKS (PE7) pin level and XFC loop filter connection (page 64 in RM)?
In attachment you can find PLL calculator and PLL filter calculator for S12 MCUs (with CRG module).