The FIFO idea seems to be the best solution for me here. I can point my application to write to a FIFO pipe, and just disregard all lines I would have previously tried to remove. As far as the log rotation; it seems as though it would be as simple as a 'real-time' rotation. Meaning I would base the logfile output on the time/date stamp prefixing each of the incoming lines. Then create new files on the fly based on those metrics. Would an idea like this be the best solution for my problem?
Good judgement comes with experience. Unfortunately, the experience usually comes from bad judgement.