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To actually alter the visible command line, you can assign to the vari +- able $0 as documented in perlvar. This won't work on all operating systems, though.
$ perl -e '$0="foo"; 1 while 1' & [1] 19748 ... 19592 pts/0 Ss 0:00 -bash 19748 pts/0 R 0:06 foo 19758 pts/0 R+ 0:00 ps U blazar