It is possible to use the Special Edition, but it will limit which applications and demos you can use.
You can look at this page in the lower left hand corner (click on "Example Applications and Labs") to see which projects, the ones with the astricks, will not work with Special Edition because of code size limitations. That is assuming the default MQX configuration settings, so you might be able to squeeze it down further with some tweaking of user_config.h.
The libraries, with the exception of the default RTCS library, should have no problems compiling. For RTCS, you might have to take out some features to get the library down to the 128K limit.
You should probably get a license that allows you to compile code for the amount of flash on the chip. So for the MCF52259, that would be 512k, which is the Basic edition. The list of CW versions and details can be found here: http://www.freescale.com/webapp/sps/site/overview.jsp?code=CW_SUITES&tid=CWH
Also note that the code size limitations differ based on which core you're using, so a ColdFire V2/V3/V4 has a different size limitaiton than a ColdFire V1 in the Special Edition.
Finally Task Aware Debugging is only enabled on the Professional version, so keep that in mind as well.
-Anthony
