Turns out using the same settings as on MED9.1 , described elsewhere on this site,
http://nefariousmotorsports.com/forum/index.php?topic=6834.0 works.
Use the above link as a guide, but change a few of the values using the bellow settings.
The settings I’ll give are not 100% correct, but should be good enough to get us started.
Load a 2Mb ME9.7 file using these settings :
Pc Big Endian
TOC : 0x5C9FF0
SDA : 0x7FFFF0
RAM @ 0x600000 size 0x400000
ROM @ 0x000000 size 0x200000
Loading address 0x000000 size 0x200000
Select MPC5xx
Then select File tab
Load File
additional binary file
Select the same 2Mb ME9.7bin, but this time we load it with an offset of 0x400000.
Loading segment : 0x0
Loading offset : 0x400000
File offset in bytes : 0x0
Number of bytes : 0x200000
Then we follow basano’s MED9.1 guide, but select the whole area from 0x0 till 0x700000 and we have a reasonably disassembled code to start with.
Again this is not 100% correct, things aren't decompiled enough in the 0x1C2000 - 0x200000 (or mirror at 0x5C2000-0x600000) region, so if anyone can improve these settings, let us know.