Thinking about how to 'catch that error' when it ends up in the eventlog has been a constant PITA since dealing with BizTalk 2004. Triggered by reading the EventLog RSS feed (old tool, new use) I thought; “Why not use this with BizTalk”. An RSS item being polled is “just another message comming into BizTalk”.
The source which I link to uses aspx but it should be a no-brainer to change this into asmx.
The only thing we need now is that “Polling WebService” adapter in BizTalk.