This is a common way of thinking about things, but having now worked with event-based tracing for the last few years I no longer believe traditional logs are necessary.
If you do “good” logging you likely have entirely structured data and no dynamic portions of the main log message. This is almost exactly equivalent to a span as represented by tracing implementations.
I have come to believe that these events are the core piece of telemetry, and from them you can derive metrics, spans, traces and even normal-looking logs.