Anything that brings something like strace but better is good. However, if you do decide to do argument decoding I strongly suggest looking at the source for strace. It contains scripts for dozens of OSes and architechtures for extracting syscall, ioctl and signal information. Along with code to print it out.
It's probably a good idea to at least glance at it once in a while to make sure the impedance mismatch doesn't get too great, so that when you do want it it won't be much work.
(The PORTING document of strace suggests that you should be able to create a new event loop and you'll have a basic working version pretty quick.)