Two questions on ipa files.
About the first question, yes, you can archive an app in Debug mode. From Xcode, browse the Product menu, Scheme, Manage Schemes, Edit. Select the Archive action on the left pane and choose Debug as Build Configuration in the drop down box.
If you want to restrict logging only to Debug configurations, you can add this to your ProjectName-Prefix.pch
file:
#ifdef DEBUG
#define XYZLog(format, ...) NSLog(format, ## __VA_ARGS__)
#else
#define XYZLog(format, ...)
#endif
Where "XYZ" is the three letter prefix for your application (Cocoa naming convention).
Then you must use XYZLog
instead of NSLog
in your code and the output will only go to the console for Debug versions.
So to create a debuggable IPA, you will need to Archive it and save for Ad-Hoc or Enterprise.
As far as logging to the console in this ad-hoc build, there are several ways to do this, see this answer.