I use a log system that I wrote myself...
on ^*:TEXT:*:#:{
if (!$server) return
var %logfile = logs\ $+ $asctime(mmmdyyyy) $+ $remtok($chan,1,35) $+ .txt
write %logfile $strip($tik $ut $+ : $1-)
}
This creates a new log, every day at midnight... I am in a few channels that are very active, and none of the files get over 400kb's. I guess it would depend on how far back you want to @search, referencing something like this might be tougher if you want to go back a few days, because you would have to know the date, but you could write it for just the current date.
Are you looking for long history type searches?