Is it possible to use telemetry instead of rc transmitters and receivers and if so how

This might help: http://intofpv.com/t-can-uart-share-tx-and-rx-for-different-components

Thanks Aravind bro it was helpful but i need to know whether is it possible as i am working on tight budget i cant invest on analysing.....

I'd suggest researching heavily on arduino, and ARM based boards. Those will surely help, with the right extensions.