Another good question. The agent "checks in" with the server only once every minute, and the server is where all the alert logic is, not at the agent. So, while I don't even know if anyone has tested it to change the log tracking, regardless, it would just collect in the agent and post once a minute.
If you have access to JIRA you can always add an enhancement request. At least from what I've seen, you're the first to ask for this, but it makes sense.
Cheers,
-Stacey