For our application we are using LPIT as 32 bit counter to generate 1 msec time. Is it ok if we use functional clock to LPIT as SPLLDIV2 80MHz. Module clock is bus clock 40 MHz given in RM. The same configurations are used as given in cookbook. But in reference manual its mentioned that maximum frequency for LPIT is governed by bus clock. my question here is it is ok if we give functional clock to LPIT above bus clock.
Seems you are running out of spec, the SPPLDIV2 should be configured to have max frequency up to bus clock, 40Mhz or less in RUN mode and 56Mhz or less in HSRUN mode.