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This is possible by using Log Parser from Microsoft, which has a command line executable and SQL-style syntax to return whatever stats you want from IIS log files. A limitation I've read about it is that you can't parse multiple log files simultaneously. However, because SAM allows us to use PowerShell for monitors, you could merge your logs together in the PS script, then call Log Parser to analyze the merged file in the same script.
I don't know what the query you'd need would be to find the number of visits in the last hour, but here is a list of sample queries that should get you on the right path: