You might know this already. As of android-sdk-tools_r7 it should at least be possible to connect two emulators to each other. Whether is works between physical machines is not something I know. It might be possible to set up masquerading between the two hosts for this specific broadcast.
From the android commit
Enable interconnection of emulators
This patch adds a -shared-net-id option to the emulator which
joins the emulator in a shared network.
If the option is given the emulator is started with an additional
network interface bound to a multicast socket. This multicast socket
emulates a network hub, interconnecting emulators.
If the -shared-net-id option is not given, nothing changes.
To connect two emulators, use the -shared-net-id <number>
command line option when starting the emulator. They will then directly share everything sent to or read from ip 10.1.2.<number>
on the emulator.
Another approach would be to enable port forwarding between the emulators using adb, and then set up masquerading for those ports on the networked machines.
I'm not really sure that either of these solutions match the use case that you're asking after. If not, adding more details to the original question might help. :)
Disclaimer: I have not tried the first approach, and the second I've only used to make sure that an emulator could bypass a nasty corporate firewall and HTTP proxy so that we could test the android browser. The principle should be sound though.
Update:
Nope, I played around with it a whole lot and found no nice solutions. I am not good enough at iptables to set up a valid tunnel that way that works for the server end.
Regards,
Mikael