According to the "Coldfire Family Programmer's Reference Manual",
the sequence 4cfe is not a valid Coldfire instruction (and as far as I can
tell, it is not a valid instruction on a "classic" 68000 either).
Using binutils-2.21.1, I can see that correct code is generated, with a valid
Mode/Register pair that matches the original assembly code:
$ m68k-elf-as -mcpu=5480 --verbose -o myprg_02.o myprg_02.asm
GNU assembler version 2.21.1 (m68k-elf) using BFD version (GNU Binutils) 2.21.1
$ m68k-elf-objdump -d myprg_02.o