TIPS

1.) Use with syslog-ng (or other syslog maybe):

syslog-ng.conf (part):
	# colorize destination
	destination colorize { pipe("/dev/colorize"); };

	log { source(src); filter(f_cnews); destination(colorize); };
	log { source(src); filter(f_cother); destination(colorize); };

We need some system modifications (needs root privileges):

 # First we make a fifo
 mkfifo /dev/colorize

 # Setting permissions
 chmod 640 /dev/colorize && chown root.adm /dev/colorize
 
 # And after all, we start colorize (user in adm group or root)
 colorize < /dev/colorize > /dev/tty12

2.) Or the other solution (Mw3's tip):

syslog-ng.conf (part):
	# My colorize
	destination colorize { program("/usr/local/bin/colorize > /dev/tty12"); };
	log { source(src); destination(colorize); }

And that's all... (please always check PATH of colorize!)

3.) You can find other tips (examples) under examples directory.