Nice idea!
Currently I don't think that LogInsight has a built in "alarm action" to call out to vCO workflows (make sure to file that request on loginsight.vmware.com!).
However, I think LogInsight can send email, and SNMP traps in case of alarm.
Both can be used to notify vCO to run a workflow.
In case of email, you have to build a "poll an email mailbox" workflow (available in the library) and schedule it.
For SNMP, you can use the SNMP plugin which provides triggers and policies. check google, there are a lot of examples out there for vCOps and vCenter sending SNMP traps to vCO.
Cheers,
Joerg