On smaller projects that works. We have a complex system where individual logs can get the log level changed. Though this turns out too fine grained. I'm moving to every subsystem being controllable, but not the individual logs. I'm still not sure what the right answer is though - it always seems like there are 10,000 lines of unrelated useless logs to wade through before finding the useful one, but anytime I remove something that turns out to be the needed log for the very next bug report...
Use something like syslog, where everything is recorded and you can filter on display by subsystem and loglevel.