It looks to me like the app at the link you provided is only a log rotator, it moves logs and starts a new one every x days or minutes, whatever.

A quick search for watchlog, located some newsgroup messages which talked about "watchlog" in conjunction with Portsentry.

That is probably what you are looking for, although, they have changed the name(from watchlog), and it is now called LogSentry.

http://www.portsentry.com/products/logsentry.html