If I understand the scenario correctly, you wish to [optionally] forgo the use of any ISP, and connect to individual machines/users directly via modem [à la CrossTalk, etc.] as in the pre-Internet days of DOS, or perhaps to a mainframe or other host, using terminal emulation...
Not quite sure what you're goin' for here, but if you think HyperTerminal is clumsy, consider that Dial Engine Pro lacks even a graphical UI. Unfortunately, I'm at a loss for recommending anything along the lines you're looking for. Hopefully someone will be able to come forward with some appropriate software for Mick....