Every now and then it pays just to troll through codeplex for new sharepoint tools.
I found this gem this morning. The Sharepoint Logging Spy. It’s beta 1.3 at the moment. You will need to run it from your sharepoint server but it can collect sharepoint logs and event logs from multiple systems
It has one known issue according to the codeplex site that it cant collect sharepoint logs if they have moved from the default location. I don’t see that being too much of a problem on test servers but on production servers I would always recommend changing the logs from the system drive to an alternative disk or partition.
[a server crashing due to the system drive filling up from IIS or sharepoint logs can be a bit of a career limiting move!]
Anyhow the tools looks great so far, well worth a look and well worth adding to your ‘toolkit’
Gavin's Sharepoint Blog 