Hi Hutch,
Unfortunately the account login module will not change to logout. The only place that this happens is with the user login token usually placed inside skins to allw users to login/logout.
I have a suggestion though:
1 - Make the account login module NOT visible to registered users. This way, as soon as you log in, the account login module will be gone;
2 - Then, add an HTML module on the same page/container that the Account Login is placed on. It will have a Logout link. This module should only be visible to Registered users so they can Logout. This "log out" link should point to "/default.aspx?ctl=Logoff" - this way as soon as the user clicks on it, they will get logged out automatically.
Not a super solution but it is what I have used in the past.
Cheers,
Aderson