mod_perl would remove the process launch overhead, but he's using IIS - mod_perl just works with Apache doesn't it?
I think the Real-time option is the better one - the server already does logging for you so it seems to me like a good idea to use the information that is provided. I don't know what logging IIS has but there must be something.
I would be tempted to use a cron job (or similar) and grab the stats on a daily basis.
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