In log file monitoring, you would specify the string that you wish to monitor in log file, time at which patrol agent finds the string it will send an alarm to Bppm.
If you wish to get an alarm for boolean parameters you can deploy BII4P. This will collect patrol events and it will send to BPPM cell.
However, with the requiremets which you specified, i dont think you would need BII4P.
To get the actual line of text in the log which tripped the alert, you need to have BII4P. These events will come into BPPM as the class PATROL_EV, not ALARM, just fyi. I believe the parameter is LOGmatchString (or something similar) that you need to configure to send to BII4P.