Okay, I got irritated at having to jump through hoops to open the Keyboard Maestro Engine log...
The solution? A macro of course.
A Short Press of the keyboard shortcut will open the log in BBEdit (if you have it).
A Long Press of the keyboard shortcut will open the log in the Console.app.
Either way the logs folder gets opened in the Finder in the background for quick access to the Editor log if needed.
If you change the keyboard shortcut, be sure to check the Long Press Options and change them too (as necessary).