Termial feedback within blender?

Somewhere I seen a script from Ideasman42 that with possible real-time editing and (writing the output info in 3d window as overlay) in python and make affected in GBE instantly. That was coll, but in 2.5 with new window system can i see in blender the Terminal output info without change and switch the windows?
Recently someone know a solution in 2.49?