Thanks Tim, here’s a simple replacement for anyone also searching that adds rel=nofollow after using the ‘latest_tweets_render_text’ filter:
$tweet = latest_tweets_render_html('twitusername', 1);
$newtweet = preg_replace("/href/", 'rel="nofollow" href', $tweet);
Obviously this doesn’t check whether a rel=nofollow already exists, however I presume when the tweet is delivered from Twitter it isn’t nofollowed anyway.