The Current event log trigger works but uses a Polling interval that introduces a delay and some load(very minor but directly related to the number of triggers). Would it be possible to create an event trigger that subscribes to the event stream and triggers when the event is raised?

This would be similar to the Event Triggers in Microsoft's Task Scheduler
http://msdn.microsoft.com/en-us/library/windows/desktop/aa446887(v=vs.85).aspx 

Something like the EventLog.EntryWritten event could be used to create triggers like this http://msdn.microsoft.com/en-us/library/system.diagnostics.eventlog.entrywritten(v=vs.110).aspx