If you're using a modern terminal with scrollback, you already have the ability to pause, and scroll back.
# tail -f busy.log
< see something of interest >
ctrl+s # Stops flow of output.
pgup/pgdn for navigation # fn+up/dn for OS X users
ctrl+q # Continues flow.
No need to reinvent the wheel, the functionality you want is probably built into the tools you're already using.