I was thinking  each_array() myself. Assume all arrays are the same size:

c:\@Work\Perl\monks>perl -wMstrict -le
"use List::MoreUtils qw(each_array);
 ;;
 my @array1 = qw(host1 host2 host3);
 my @array2 = qw(ip1   ip2   ip3);
 my $ea = each_array(@array2, @array1);
 ;;
 while (my @ra = $ea->()) {
   print qq{:@ra:};
   }
"
:ip1 host1:
:ip2 host2:
:ip3 host3:
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See List::MoreUtils.