I found out what FIFO is (a build in buffer) but what does "High Res Baud" and "Fast Clock" mean?
Those are kinda like saying a car has turbo charging or more valves. Ultimately, they're features under the hood that improve performance, but you generally don't think about them while actually driving.
In a nutshell, these mean it can do higher speed baud rates more accurately than other serial ports without those special features. It's all handled automatically when you use Serial1.begin(baud), so you don't need to worry about those features. Well, not unless you want to write your own serial driver code. Teensyduino has very good serial code, so you almost certainly should just use it.
Then what does "support for RS485 transmitter enable" exactly mean?
Now there's a feature you do need to know about. Well, if you use half duplex with more than 2 devices transmitting at various times. (but see below, looks like this doesn't apply to you)
As documented on the serial page, you can use Serial1.transmitterEnable(pin) to have Serial1 automatically generate the control signal for your RS485 chip. Usually those chips have RE and DE pins which are normally connected together, so they receive or transmit (but never both at the same time), and you connect it to a pin on Teensy.
If you try using other non-Teensy boards, controlling the DE/RE pins is a challenge. The good news is this is built in, so all you have to do is call that function after Serial1.begin(baud) and it will automatically turn on the transmitter at the right times.
Normally i have 2 "MAX 488 CPA" - one on each side.
Does that mean i only need one on the non Teensy side?
But how do i connect A, B, Y, Z and do i need still need the 120ohm resistor between A&B and Y&Z?
You almost certainly need those chips on both sides.
That particular chip does not have the DE and RE pins. It looks like it's meant to only communicate with 1 other chip, using 4 wires in full duplex mode. Full duplex is very simple, but requires 4 wires instead of 2 and only allows 2 devices rather than many on the same line. Just connect Teensy's TX1 pin to the DI input on the MAX488, and Teensy RX1 pin to the RO output. Easy.