Hi,
this MCU is from older set which enables you to check oscillator in special mode.
So easily, if you connect BDM to it and starts the MCU in special single chip mode (SSM) - standard debugging process when the MCU stops and waits for BDM command from the PC. In this case ECLKCTL_NECLK is set to 0 after reset which means you are able to check the OSCCLK/2 frequency at PE4 pin.
(Another approach to set the SSM is reset the MCU with pins MODC=MODB=MODA=0)
One more thing, could you please chceck whether you accidentally do not write PLLSEL=1 before you change PLL setup registers and/or you do not have already PLL set somewhere else in the code in some forgotten routine which sets the PLLSEL to 1 (start12.c,....) .
Best regards,
Ladislav