I guess that your mentioned feature is so-called "Serial Over LAN(SOL)".
Tera Term can not support your feature because the SOL will be basically
supported on the TELNET server.
If you have the IPMItool built on Cygwin, you can connect the server
by using the CygTerm of Tera Term with IPMItool.
Subject:[#62828] RE: TCP Interface to Serial Ports
Date:2012-03-18 21:29By:Yutaka Hirata (yutakapon)Tera Term can not support your feature because the SOL will be basically
supported on the TELNET server.
If you have the IPMItool built on Cygwin, you can connect the server
by using the CygTerm of Tera Term with IPMItool.
Thanks.