Logging to a non blocking named pipe?
Have each worker log to stdout, but connect each stdout to a utility that automatically spools and rotates logs based on size or time. multilog and svlogd are examples of such. For those programs, you'd merely tail the "current" log file.
You're right that logrotate is not quite the right solution for the problem you have.
Named pipes won't work as you want. At best, your writers could fill up their pipes and then discard subsequent logs, which is the inverse of the behavior you want.
You could try shared memory device man:shm_overview or perhaps a number of them. You need to organise them as circular buffers so they'd store last N kb of your log and whenever you read them with reader it will output everything to your console. This approach is adopted by busybox's syslog/logread suit (see logread.c).