Although Monaca Localkit source code are obfuscated, you can save log output to a specific file. To do so, please open Preferences and specify the file to dump the log output.
Monaca Localkit will run in debug mode when debug parameter is set in the 2nd option. See the example below.
> cd /path/to/localkit
> monaca-localkit . debug
Please note that when running in the debug mode, it will output all network requests.