First and foremost, change the behavior of the VIEW button. Currently it explicitly opens the log file (txt) up in Notepad. Most of us doing serious tracing use a different notepad, like Notepad++ for ez XML. Despite having txt files associated with this program, the tracing form always uses notepad. If a user doesnt have a default handler for txt files, theres a serious problem.
Another neat feature would be the ability to pass a filter (wildcards would be nice) to make is easier to hunt for our target in the trace file.