This is how I keep track of my coldfusion server. It is a simple script which will auto-refresh every few minutes and show in red any new errors from the application.log file. This has saved me several times, and works best if you have a spare computer which you can have 'in view' but not right in front of you.
Go grab it: log_view.cfm
The script is set to only refresh every 7 minutes during work hours. You will also have to (obviously) tell it where your logfiles are. It uses windows native tail command from the UnxUtils package; you will also obviously need to give a correct path to that program.