Setting permissions on application event log

Is there some way to set the permissions on a Windows event log, in this case Application, similar to what you can do for directories and files ?

From stackoverflow

• Yes. We do this for the 'limited priv' account we run our web app as:

  To enable Application Event Log entries for all members of USERS group:

  HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\Eventlog\Application
  Edit CustomSD and append this to the end:
  (A;;0x7;;;AU)
  

  SteveC : Thanks for the pointer ... I searched on CustomSD and found various pages including "How to setup event log security programmatically using the .Net Framework" at ... http://support.microsoft.com/kb/953587