Ummm, I'm not entirely sure what you want to do but you can easily use a dict to set the variables...
hostlist:
- { hostname: 'name1', item1: 'value1A'. item2: 'value1B' }
- { hostname: 'name2', item1: 'value2A'. item2: 'value2B' }
Then you have {{ item.hostname }}. {{ item.item1 }} and {{ item.item2 }}
Does this help?