Yes, I was hopping for some magic, or to be able to lie{1} to Net::Telnet so it would use Coro::Socket{2} or Coro::Handle{3}.
As it seems Net::Telnet{4} uses IO::Socket, so it looks like it might be abused in such way. :)

{1} http://www.perlmonks.org/?node_id=1039413
{2} http://search.cpan.org/~mlehmann/Coro-6.33/Coro/Socket.pm
{3} http://search.cpan.org/~mlehmann/Coro-6.33/Coro/Handle.pm
{4} http://cpansearch.perl.org/src/JROGERS/Net-Telnet-3.04/lib/Net/Telnet.pm