If you're using IIS in a development/test environment (not public facing production) then under Settings -> Error you can make the following changes:
Set the 500 and 404 error templates to error.cfm (from the default of error-public.cfm) and untick the Status Codes checkbox which will always return 200, bypassing IIS's handling of errors and returning the infamous IIS 500 error page.
That will, at the very least, get you visible errors on-screen while developing. DO NOT do this in production, however, as it's a big security risk and will disclose information about your environment that hackers just don't need to know :)
For logging, go to Settings -> Logging and click the edit link next to any log (exception, for example) - from there you can change the log level (set to INFO by default) to DEBUG or, if you really want to punish your server then set it to TRACE. Levels of logging go from TRACE (the most verbose, logging everything) to FATAL (the least verbose, logging only fatal errors).
From here you can also set the location for the logs ({lucee-config}/logs/exception.log by default for the exception log) and select a logging template if you want. Classic is similar to the ACF log format, but you can also choose pattern and specify what you want to see logged, or XML or HTML if you'd rather use them for logging purposes.
They key here is going to be the log level however, you shouldn't really need to change anything else unless you have specific requirements you want to use to override the defaults.
HTH
-- Denny