DOC 68 ERROR: eConnect error - The source was not found, but some or all event logs could not be searched. To create the source, you need permission to read all event logs to make sure that the new source name is unique. Inaccessible logs: Security.
The problem was a fairly simple one in that the eConnect service account did not have the necessary permissions; a very similar issue to the one I blogged about in March 2013.
The solution is to add the service account to the Local Admins group; instructions are in the post I linked above.