So i think i might have come up with some sort of solution, but needs some expert tuning.
Take a look at the following code.

!/usr/bin/perl

use strict;
use warnings;
my @tags = qw( 8 9 35 50 97 57 34 49 56 43 52 200 207 40 55 11 167 54 
+59 44 21 38
              60 1 10);
my $reg_ex = join( '|', @tags );
open(FH, "test.log")||die("Unable to open log file: $! \n");
while(<FH>) {
 printf("Working on String : $_ \n");
 if( /\[(.*)\]/) {
    printf("New String: <$1> \n");
    my @vals = split(/(8=|9=)/, $1);
    foreach my $l (@vals) {
      printf("$l\n");
    }
 }
}
[download]

This spits out.

chimi:~/programs/perlweb/FIXRead cuthbe$ perl t.pl 
Working on String : 2005/11/18 00:06:49:875: FIXPump: Received data on
+ connection {OBMSCNX} [8=FIX.4.29=040435=849=EXLINK256=DB_ORDER50=DES
+RISKGATEWAY57=DCN3230134=4045052=20051118-05:06:491=ATOP116=0.0000000
+011=DES:fud630_2005111814=15.000017=0131730433520=031=138.0800000032=
+15.000037=131726062238=15.000039=254=155=CibntractZ60=20051118-05:06:
+49150=2151=values=13173047101317260622109=DCN3230163=0167=F00=2005122
+07=T40=244=138.080000005113=06556=20051117-23:06:4610=230]
 
New String: <8=FIX.4.29=040435=849=EXLINK256=DB_ORDER50=DESRISKGATEWAY
+57=DCN3230134=4045052=20051118-05:06:491=ATOP116=0.0000000011=DES:fud
+630_2005111814=15.000017=0131730433520=031=138.0800000032=15.000037=1
+31726062238=15.000039=254=155=CibntractZ60=2051118-05:06:49150=2151=v
+alues=13173047101317260622109=DCN3230163=0167=F200=200512207=T40=244=
+138.080000005113=06556=20051117-23:06:4610=230> 

8=
FIX.4.2
9=
040435=84
9=
EXLINK256=DB_ORDER50=DESRISKGATEWAY57=DCN3230134=4045052=20051118-05:0
+6:491=ATO16=0.0000000011=DES:fud630_2005111814=15.000017=013173043352
+0=031=1300000032=15.000037=13172606223
8=
15.00003
9=
254=155=CibntractZ60=20051118-05:06:49150=2151=values=1317304710131726
+062210
9=
DCN3230163=0167=F00=200512207=TSE40=244=138.080000005113=06556=2005111
+7-23:06:4610=230
[download]

So i can see that if i put in the values into the split then it will pass them out,and then i should be able to grab them so first value would be the tag and then second would be the info.
Question is how do i get the split to do each tag that i need to search and more if need be.