So far, I haven't seen any evidence of Google penalizing my sites' page rank for implementing friendly urls like shown here. In fact, my page rank increased on one site.
What you are asking in changing a DNN url to a shorter url is indeed possible. However, to mimic the folder path, you really need to either add a folder with a redirect, implement a module such as PageBlaster to mimic a virtual directory, or your own similar solution using wild card mapping in IIS.
However, if you can settle for a URL more like:
mysite.com/contact.aspx
That is MUCH easier:
LOOKFOR
.*/Contact.aspx$
REPLACEWITH
~/Default.aspx?tabid=123
Another thing I would suggest is making sure your tabid values are all lowercase, as the page rank algorithm has appeared to care about the casing of the "folder names" that the DNN url generates in its default rewrite.