filter activity based on single or multiple taxonomy terms?

Is it possible to filter activity based on a single or multiple taxonomy terms? I'm currently using activity in the context of the module activity_log to display a users activity, but I would like to also use it to display a nodes activity based on taxonomy or another suggested method.

The goal again is facebook style feeds for users or nodes. The first is for nodes or users that users are "subscribed" or "liked" to. The second is for a nodes activity, such as comment/forum threads that were started from that node or pictures that were tagged with the taxonomy of that node.

The best solution I can think of is to filter based on a single taxonomy term for a single node, or on multiple of taxonomy terms for "subscriptions." I'm using NAT (nodes as taxonomy) so that each node is a taxonomy term.

I appreciate any advice on this, either is configuring this module for this, or suggestions on other modules that may be able to do this as well. I'm also fine writing code. Thanks again, this module has saved me much work, especially with the grouping of actions.