Recall that one definition of exponentiation is
$$a^b = \exp(b \log a)$$
Where $\log a$ denotes the (possibly non-real) number $z$ such that $e^z = a$.
Recall that by Euler's Formula, $e^{x+iy} = e^x(\cos(y) + i\sin(y))$. If we let $x = 0$ and $y$ be an integer multiple of $2\pi$, then:
$$e^{i2\pi k} = e^0(\cos(2\pi k) + i\sin(2\pi k)) = 1, k\in\mathbb{Z}$$
And thus, we can define:
$$\log 1 = 2\pi ik$$
The standard definition of $\log 1$ is $0$, which is what you get from $k = 0$. But we can just use a nonstandard branch of the complex log function. Anyhow, by the change-of-base formula:
$$\log_1 z = \frac{\log z}{\log 1}$$
If $z = re^{i\theta}$, then:
$$\log_1 z = \frac{\log r + i\theta}{2\pi i k} = \frac{\theta - i\log r}{2\pi k}, k \ne 0$$
So yes, it works, provided that you don't mind getting an imaginary logarithm when $z$ is real (and $r \ne 1$).