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Allowing for different targets to be monitored from which sources and allowing for easy color customization.
Don't think anyone would invest time now into such an addon when it prolly will have to be changed massively later anyway.
But i use SimplCombatLog, and it appears to me really extremly configurable.
You can add "custom targets" and "custom sources" to watch, change colors, shorten spells names, display in different chat frames ...
But as i dont know the addon you're talking about, i cant tell if this can match what you ask for ;)