flexible tracing as alternative to logging?

[Vans S]

Has anyone ever ran into implementing something along the lines of using tracing to log. 
For example say we spawn 1000 processes, now each of these spawn a linked process called trace_logger, which places traces on the parent based on a match spec.  
Each of the 1000 procs has their own child proc link trace_logger (not a global tracer, to prevent a bottleneck).

Then this process can now implement its own filters based on the traces coming in, like say if a certain function gets
called with the wrong argument, log a logger error.
Would tracing be performant enough to achieve this, even if the cost penalty is significant it might be OK and worth it.
Thanks
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