I don't know about Processor Expert, but in case it helps there's a similar tool called ColdFire Init.
CFinit is a graphical tool to let you configure a ColdFire processor, including the peripherals. It then writes the initialisation code for you in assembler or C. It includes support for most of the V2, V3 and V4 processors including the 5474.
The development of the tool was funded by Freescale, so CFInit is available as a free download. You can get it from MicroAPL's web site: http://www.microapl.co.uk/cfinit
Hope this helps
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