If you set the autoReload option as such: <nlog autoReload="true" /> a change in the config file (through the config object, I wouldn't suggest direct file alterations) will have immediate result.
So you could for example remove a target from a rule so that it doesn't log anywhere.
Source:
http://www.nlog-project.org/config.html (title Automatic Reconfiguration)
Hope that answers your question