~/Library/Logs/Couchbase.log is a valid log file that the server writes to. I've used it to diagnose Erlang exceptions launching the server. But it sounds like it's less important than the ones in the App Support folder?
Changing the app to open a different log file is trivial; even easier than taking out the command. However, that log directory has a lot of files in it. Unfortunately the Console app can't be told to view a directory, just an individual file.
So the choices would be:
(a) Pick a single file in 'logs' to open, if one of them is more important.
(b) Make a submenu with items for all the significant log files
(c) Make the menu command open the logs folder itself in the Finder (not terribly useful, because most of the files don't have filename extensions that indicate that they're text, so double-clicking them doesn't work.)