Still present in 14w33c; reproduced with a Logitech mouse with pick block mapped to 'Button 4,' pick block worked normally after bound to middle click and also when mapped to keyboard button. Seems to be an issue with extra buttons on the mouse.
Same thing happens to me (similar exception details), but only when another player is in the game. If it is open to LAN, but if there is only one player (the host), the save and quit button works fine.
Also happened to me, showed up as minecraft:log2 with a damage value of 5 using F3+H. I got similar stacktrace and exception information. It may be useful to note that the bugged log items cannot be crafted into planks.
Noticed the profile had only 1GB of RAM allocated, changed to 3GB and the problem seems to have been fixed.
options.txt attached
Still present in release 1.8.1.