According to F1232 Datasheet, with no external Rosc, Rsel=7, DCO=7, and at free-air 25 C, you get min. 4, typ. 4.5, max.4.9 MHz at Vcc=2.2V and min, 4.4, typ. 4.9, max. 5.4 MHz at Vcc=3V
If you add a good 100K external pull-up resistor at P2.5/Rosc and set DCOR bit in BCSCTL2, you can get much high DCO frequencies. The frequency dependency on temperature and Vcc are also much smaller.
To show SMCLK at P1.4, you need to set BIT4 of P1DIR and P1SEL. You also need to disconnect your JTAG tool,