[fw-wiz] syslog and network management

Hi all,
is it appropriate from security point of view to have one server in
which syslog is installed to colledt logs from all network devices
(firewalls, switches and routers), in addition to installing
management software to like ciscoworks on the same machine, in
addition to using this machine as a network time server to sync all
network devices?, if yes does any one recommed certain specs for this
machine or it can be an ordinary machine with 1 GB of memory and 512
GB hard disk and 3.2 GHz processor.

thanks alot

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