CustomLog logs/access.log common
CustomLog "|bin/rotatelogs logs/access.%Y.%m.%d 86400" common
Stopped the web server , tried to start it and after a 30 sec pause we got a msg back saying that the web server could not be started. Further research into the log files for the deployment manager and web server did not shed any light on why. After some digging on IBM's support site I found this technote explaining that the full path must be specified. I replaced the above with this, (adjusting the formatting to better fit our needs) and the server started without issue and our log files were now rolling on a 24hr bases.
CustomLog "|C:/IBM/HTTPServer/bin/rotatelogs.exe -l C:/IBM/HTTPServer/logs/access-%a-%m-%d-%Y.log 86400" common