I'm just getting going with Check_MK, but I think if you can write a script to do whatever your check requires, then check_mk can monitor it.
Your script just needs to write something like this to STDOUT:
0 my_telnet_test time=0.1 OK: All looking fine
...or:
2 my_telnet_test time=0.7 Critical: Device said "foo", but I'm expecting "baa"
The STDOUT format is described in detail here: http://mathias-kettner.com/checkmk_localchecks.html
Once you've got your script working, if you can run it without arguments, you can just drop it into /usr/local/check_mk_agent/local on the machine that you'd like to run the check, and then run an inventory on the check_mk server. It'll pick up the change, and run the script for you.