Greg, you just reminded me about arslog.
Mark, you can go look up the Logging User Exit, called arslog. You can write a small shell script on the server that gets executed each time CMOD would normally write to the System Log.
Inside that script, you can compare message numbers, and you can perform an action (send an eMail, send an alert to a pager, etc.) notifying you of whatever issues.
The only caveat is that because this script will run each time a System Log message is generated, it can create a lot of load on your server if it gets particularly busy. I've seen logging exits bring down servers because there were so many messages being written each minute that the scripts became backlogged, and the CMOD server became unresponsive.
Check it out, and let us know if you have any specific questions.
-JD.