We're looking at a similar approach, except for audit logging as well as error handling.
Looking at using WCF over netTcp, also looking at using the event log, but that seems to require high trust settings, and maybe performance issues.
Not convinced by ZombieSheep's objections:
It's pretty rapid to dump your chosen error report over an existing WCF connection. Seriously. Plus, you can do it async/queued. Not a key factor for me.
You log to the central service and the local service. When the erroer service comes back on line, you poll your machines for events since the last timestamp. Problem solved.
Use a dns alias, and don't change the path - the way you should do internal addressing anyway IMO.
What if you have multiple apps on a single machine? What if you want to see the timing of errors across multiple apps?