Thanks Everybody
Mirroring log file is a wonderful idea.
I have read about USEREXIT and being new to DB2, I really want to keep things simple to begin with. Moreover, I have been supporting Oracle Databases for last 4 years and we have these databases in "ARCHIVELOG" mode and we do cold backups every night and save the archivelog files for last 7 days (and also put them on tape). I thought it is good idea to keep DB2 backup plan similar to Oracle one so that it is easier for myself and my team to be on the same page.
I am delighted to know what I purposed will work for us and I will certainly use USEREXIT in future when we are a bit more learned on DB2.
Thanks Again
Satnam