I have an Arduino Uno and I'm wondering is it some how possible to interface with this device and output data back to my computer at the same time or would I most likely have to upgrade to a Arduino Mega?
would I most likely have to upgrade to a Arduino Mega?
Only if you want a shiny new toy. For what you've described, the Uno is overkill. A "usb ttl cable" will do what you've describe and I believe you can get them for less than $5.
Well this is a school project for a camless engine design so the board is controlling actuators and reading feedback sensors on the valves too. Plus it's their funding so its a "free" shinny new toy.
That NewSoftSerial looks interesting. Gonna have to read up on that.