EXPERT RESPONSE
For cheap, there isn't much better than the open source approach of Nagios (www.nagios.org). I don't know how well it works with your Nortel Baystack switches but it offers a solid foundation for building your own NMS.
I would also suggest that you look at WhatsUp Gold – a popular lost-cost alternative to expensive NMS, it may have the necessary functionality to work with the devices you are interested in.
Also, consult the network monitor tools site http://www.monitortools.com/cat_networksystem/ for more information….
And if you need something Sniffer-like, I would suggest a portable loaded with Ethereal.
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