You can check the Open C console documentation, if it can be redirected to something else than a file.The delays are mostly caused by RDebug's activity. This is a (if not 'the') major difference between debug and non-debug execution.
Side note: you can keep the emulator running even during rebuilds of your code, just exit from the application itself. You may have to modify the launch target (in Run/Debug configuration) to epoc.exe, so the emulated phone will start up, and you will launch your code via its icon in the menu (if you are experimenting with console code, here is how you can create an icon for them:
http://www.developer.nokia.com/Commu...ons_on_Devices). This way you only have to shut down the emulator when you are changing resource files, not just the executable.
Note that old-school file-based logging is still a powerful tool. You can simply use any kind of file and there is also a specialized API, RFileLogger.