Capture of console output from inside of *.exe?

[Gintaras]

...capture the stream of data as the 'out' statements are processed. Is there a way to put a listener on the console so that it gets this text?

Currently not.
out is asynchronous. Several out may be collected before displaying. And "Exe Monitor Output" receives the collected text.
For what you need, need to create an user-defined function and use it instead of out. It could use QM net function or some other way to send data.