I doubt there are "Oil Lights" for exchange's event manager that are inexpensive. There are a number of third party Exchange tools that will parse the information and provide the type of reporting your looking for, most are expesive solutions. You could write a VBScript for WSH that would parse the information and return a formated document or email and exchange terms with common lang for free, or your time which really isnt "Free". A good point of refference is Windows NT Mag's Services directory that has a number of reputable software vendors that have the more price'y tools available, dont get me wrong, some of them are Kick Butt, but it comes down to what the business need is and a tool that goes unused is not a tool. If the 500 and upprice range is ok, by all means!
Pete
Here are some links:
http://www.microdata.com/software/default.htm
http://www.scell.com/products.html