Let's assume you can get all that information.
You have conflicting needs: you don't want to slow down the login process, but you also don't want to store full string descriptions for everything for the entire history
You could consider a two-level system: the initial logging captures everything with full strings. Then another process periodically pulls that data into a permanent history table, assigning identifiers in place of strings as required. Then the initial log data is deleted.
This allows you to have a minimal effect on logins but still save space and enhance analysis by assigning codes later.
SQL DBA,SQL Server MVP('07, '08, '09)
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