Hi,
The clocking of FTM is shown below:

FTM has options for Fixed clock, System clock, and External clock. The system clock is fixed at IPG_Clk divided by 2, so is 83 MHz is the IPG clock (or CM4 ) is running at 167MHz. All other clocks have to follow the relation as stated in the Reference Manual. I am quoting them again below:
- The fixed frequency clock is an alternative clock source for the FTM counter that allows the selection of a clock other than the system clock or an external clock. This clock input is defined by chip integration.
- Due to the FTM hardware implementation limitations, the fixed frequency clock frequency must not exceed 1/2 of the system clock frequency.
- The frequency of the external clock source must not exceed 1/4 of the system clock frequency.
As far as the IO speed is concerned, I don't think the IO's will have a problem propagating a 42MHz signal (half of 83 MHz).
Best Regards,
Alejandro