I'm working on some changes to secure shell to move out some common library code. I'd like to factor hterm itself into a reusable library too. The work-in-progress starts here:
https://gerrit.chromium.org/gerrit/#/c/41911/ and continues on for a few changelists (follow the Needed By links, and feel free to ignore the champ stuff, that's a different app).
So you're welcome to build a telnet from hterm in the same way you've built beagle term, but I wouldn't expect it to be merged into the chromium repo. Instead, you'll eventually have a supported way to get hterm-as-a-library from the chromium repo. At that point you'd (hopefully) refactor beagle term and the telnet app so that they could be more easily kept up to date with hterm fixes.
Rob.