You can try to clear the logcat first
prompt# adb logcat -c
prompt# adb logcat
You should be able to see the logs coming in once you triggered your application.
am start -a android.intent.action.MAIN -n com.example.hellojni/.HelloJni
I had problems with my shell script and i used this instead.
adb shell setprop wrap.com.example.hellojni "logwrapper /data/local/Inst/bin/valgrind"
You should be able to pass in the parameter right after valgrind