There are no properties and the execution call is telnet regardless of Unix or windows. Therefore, the first application with the name telnet will be started.
If you're looking to replace classic windows telnet with a more functional version of telnet the easiest thing that generally works is to rename telenet to Wtelnet .ext(or something) and then copy the program you want to use to telnet.exe in the windows\system directory (assumes windows environment).
You could also change the system path to have the directory of the desire telnet application first, ensure there's a copy of the application with the name telnet in the directory, and it is executable in that directory.
It isn't pretty but it works, however, it will make the default telnet whatever the desired version of telnet is. The second strategy is a little easier to maintain, however, there will be some amount of support documentation required.
