The 68060 does 110 MIPS @ 75 MHz
The Coldfire V4(e) does 400 MIPS @ 266 MHz
The advantages of the 68060 is that it is a fully superscalar design, while the CF V4 is only partially so. Still, your reasoning may apply to lower end V1, V2 and V3 Coldfires. I believe a CF V4(e) @ 266 MHz is handily faster then any 68K silicon. The V5 Coldfire is fully superscalar(and 300 MHz) but Freescale will only make it for you if you order a (pretty) large number of them.
The 68060 is already about the same MIPS/MHz as the V4 ColdFire with smaller caches, no link stack, etc. The 68060 can do more per cycle than the V4 ColdFire. Multilplication, division, shifting is all faster on the 68060. The 68060 has useful instructions that are missing on the ColdFire. Granted, the ColdFire has some useful instruction additions also. The N68k has everything except clock speed. None of the instructions are missing, ColdFire additions are included, other instruction additions are useful, multiple instructions per clock are possible, large caches, link stack, predicated branches, byte and word instructions are as fast as long, bitfield instructions are fast, large instruction prefetch, etc. The V4 ColdFire is nothing special. It's on par with a very fast 68040 with larger caches and a few other enhancements. The V5 ColdFire is a different story. It's more like a 68060 from what little information I could find on it. It would very likely be faster than the N68070 will be in fpga. The ColdFire does need optimized code and would be harder to get max performance from than the N68070 as currently planned. It's easy enough to say, just compile new code for it, but that's where a lot of the problem is. Compilers generate poor code especially on the 68k. I have a library that started out at 67648 bytes and I have optimized down to 39824 bytes so far. I think 1/2 the original size is possible although I'm optimizing for speed and not size. Before you say that this must have been some poor C coders, I'll tell you that this piece of work was done by a fairly famous pair of brothers (in Amiga land) who now work for Hyperion. I hope there PPC optimizing is better because the PPC is not nearly as forgiving of crap code.