Create an updated ULS Viewer that filters more like Process Montor
Process Monitor has evolved over the years into a wonderfully easy to use tool. It's a magnificent tool. I especially like how you can right click on almost any result in ProcMon and select EXCLUDE THIS from the menu to filter noise out. ULS viewer, on the other hand, has evolved almost not at all since 2007 and its filters are cludgey. Remove a filter and the whole process crashes. Filtering is too weak.
Also consider some buttons that can start verbose uls logging, verboseEX logging while doing real-time monitoring.
Also add large file support. (Try to read a really big file and it crashes uls viewer.)
Also consider adding exception logging for w3wp.exe or owstimer.exe processes as part of the real-time monitoring. (See Todd Carter's old SNAP tool at toddcarter.net/post/2012/05/05/Making-Debugging-a-SNAP or see DebugDiag exception logging and see https://blogs.msdn.microsoft.com/chaun/2013/11/19/steps-to-log-all-net-exceptions-to-a-log-file-with-debug-diag-2-0/ as well.)
Maybe even add some sharepoint, iis, and/or asp.net related queries (like all requests that take over 15 seconds) like Log Parser Studio has for various logs.
Also maybe consider the option of funnelling in the various sharepoint and iis and asp.net related source events from the application event log, the system event log, the obscure sharepoint event log, the capi2 event log, etc., when doing real-time monitoring.