How can I make a .command file that I can share without giving permissions on each computer?
The execute permission does also transfer to other computers. If the permissions of the file are lost when you transfer the file, you might create a zip or tar archive for the .command file:

$ echo telnet 169.254.216.127 54326 &gt; test.command
$ chmod +x test.command
$ tar -cf test.tar test.command
$ 


You might also save a script like this as an application in AppleScript Editor:

tell application "Terminal"
    do script "telnet 169.254.216.127 54326"
    activate
end tell