For a terminal program, PUTTY might do just as well, used in the serial mode.
it will keep a session log for you, which I think teraterm can't do. PUTTY will also do all your SSH work too, so you don't have to learn two programs.
Another nice thing is that you can name the window "Bus Pirate" in the settings, play around with font and colors too.
Bitvise tunneler does not have a serial mode, so it won't work.
Ted