Going with a typical Apache access log, you can run:
tail -f access_log | grep "127.0.0.1"
Which will only show you the logs (as they are created) for the specified IP address.
But why does this fail when you pipe it though grep
a second time, to further limit the results?
For example, a simple exclude for ".css":
tail -f access_log | grep "127.0.0.1" | grep -v ".css"
won't show any output.