I imagine you could you could use the "w" command to drive the signal but I think lolo will keep setting it back. at reset the pin is tri-stated so maybe there's a way to put it back in that mode and keep lolo from using it as an output but not sure.
Check section 2.11 of the hw guide:
http://www.logicpd.com/do..._MCF5329_HW_Spec.pdf