I don't use windows, but this works very fast, and uses low cpu. It requires that you have a version of tail that works on windows, you can groups.google.com for "tail for windows".

Just run this as your "capture" script.

#!/usr/bin/perl
use strict;
use Tk;
use IO::Handle;

my $H=IO::Handle->new;
open($H,"tail -f -n 1 test.dat |") or die $!;

my $main = MainWindow->new;

my $t = $main->Text(
              -wrap=>'none',
          -height => 2,
          )->pack(-expand=>1);

$main->fileevent(\*$H,'readable',[\&fill,$t]);

MainLoop;

sub fill {
  my ($w) = @_;
  my $text;
  my $text =<$H>;
  $w->delete('0.0','end');
  $w->insert('end',$text);
  $w->yview('end');
}
[download]

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