In order to execute debug on ZWave Modulewhere is mounted 8-bit 8051 CPU core, I think to use adapter: ULINK-ME and configure UVision IDE with NXP LPC95x ULinkDriver. I found in your Webpage (http://www.keil.com/ulinkme/chips.asp) which is ok for NXP (founded by Philips) (8051 Family).
Is it correct or not? UlinkMe is it ok?
Does it use an NXP core design? If not, then you're probably SOL.
Consult with Z-Wave as to their recommended development tools/platform...