So no live console.  I come from a UNIX background (Sperry 5000/95) and there was always a way to live console a log.  Tail -f {filename}.  There is a Solution that is FREE!  PowerShell gives you a Get-Content command.

Open a powershell window (I did this in a Admin window)

C>cd c:\SmarterMail\Logs

C>Get-Content 2017.07.07-smtpLog.log -Tail 5 -Wait

 

This command opens the log file displays the last 5 lines and then waits for more data to be written to the file. 

 

And if you don't want to mess with all that here is the PowerShell command that gets the file name for the current day automatically!

get-content "c:\smartermail\Logs\$(get-date -format yyyy.MM.dd)-smtpLog.log" -tail 5 -wait