TE,
Well, I don't know Sputnik, but if DiagMon isn't an option then I suppose one could tail a log file via SSH and log it to file.  Way less elegant.  Or, maybe just using SysAdmin&Diag-->System Output-->Live view you could right click, set a string to trigger and have it raise a desktop alert.  Might be sufficient. 
BTW--Socket connections to port 4000 require the application send an identifying login sequence.  For example, OAI requires a 0x87 be sent before call processing knows which stream to send back.  SMDR is 0x84.  This is why you can't just telnet to port 4000 and get a data stream.  CP needs to be told what you want.  
It's news to me DiagMon couldn't be connected while in DBP.  I'd bet the farm I've done that a million times. 
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