I also forgot to mention that if you wish to change the logs from the SQLAgent you will need to right click on it also and modify it's log file...

This is one of the startup parameters for a SQL instance.  If you right click on the instance in enterprise manager and select startup paramenters on the General tab you...

I recently researched this.  We are about to take on an Active/Passive cluster on one of our main SQL Servers.  Unfortunatley, clustering does require Enterprise editio.