Hi Jason,
Thanks for this report.
Flash image (srec) is created using powerpc-eabivle-objcopy.exe
When "Create flash image" option is enabled (tick it and click on Apply -> new Standard S32DS Create Flash Image settings node appears in the Tools settings) you should see its output in the build console after the successful build:


Is there any error visible in the build console?
They can also try to convert the elf file into s-record using this command line util. manually:
powerpc-eabivle-objcopy.exe -O srec -v <Path_to_my_elf>\Test_MPC5748G_Z4_0.elf "Test_MPC5748G_Z4_0.srec"
Can you paste here the console output?
Thanks!
Stan