It's possible, kind of. You can't dump stuff in realtime; only at UI reload and logout, and you can't log to a specific file, only SavedVariables.
What you can do, however, is make a mod that dumps whatever data you want into a table, and have that table a SavedVariable. Then go into WTF/Account/Name/SavedVariables/ (i think that's it) and open up the file for your viewing pleasure. Or write an app that parses it, whichever.
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