For legitimate bulkmail you might check into Mail::Bulkmail on CPAN. I haven't used it but I've looked into it before and it looks as if it does something like you're interested in, specifically optimizing the mail sending by batching recipients on the same domain (so, for example, it sends all the yahoo.com folks at once instead of individually.) It's suppossed to be very fast, and might be what you need.
Gary Blackburn
Trained Killer