How do you cull through serial console logs?

I'm using Conserver, which makes reverse-TCP connections to console  
server serial ports, so I can manage my hosts and net gear. This  
results in an ASCII text file for each device.

What tool(s) can I use to watch all (500+) files for 'interesting'  
strings, like malloc errors, failed logins, net connection/port/link  
failures?

I've found log watcher, but it is a one- file-at-a-time deal. I'd  
rather not reinvent the wheel if there is a good answer out there. I'm  
hoping to get to RSA con this year, and perhaps find other pointers to  
share.

Thank you for any tips,

           =Z=

http://www.conserved.com/consoles/
http://consoleteam.blogspot.com/