Well, it's possible but this is not a approach I'd want to undertake.
Instead, consider getting a Telnet Client Library. If you can get an ActiveX library, then it's immediately compatible with VBA and will be much easier to use & develop.
While you can use APIs to send & read commands, the biggest problem is that you are manipulating another process and if code is out of synchronization, you will get errors and you must add in junk like waiting few milliseconds for the command to print the character. Overally a fugly solution.