The actress, who next month runs the Race for Life in Bolton, played Jo Sugden (née Stiles) on the show from 2005 to 2008, leaving after her character's domestic abuse storyline with husband Andy (Kelvin Fletcher).
Asked how her former co-stars would cope with the first ever live episode of the soap, Pallett told Digital Spy: "I think it'll be fantastic. You've got to remember that soap actors - we're churning out 12 scenes a day. We're doing as much as any drama or any television show.
"I think that people underrate soap actors, but we're working jam-packed to churn out six episodes a week. It's such an amazing cast, so they'll be fine, it'll be wonderful."
Asked if Jo could ever return to the show, she added: "I think anything's possible. They've left the door wide open for me so you never know. Anything's possible in soaps!"
Quizzed on whether soap storylines can help those facing serious problems, Pallett said: "Yeah, definitely, I think the soaps do a big job on highlighting issues and real-life diseases and atrocities that happen in everyday life, because the soaps reflect real life.
"With the domestic violence storyline, we reached a lot of people through that storyline because obviously they related to it.
"There's so many people who watch these soaps and these TV shows and these characters to see what they'll do. We're setting an example and we're telling a story and the writers do a fantastic job."
To sponsor Pallett at the Race for Life, text her personal code ROXY82 and an amount to 70070. There is no cost for the message and 100% of the money donated goes to the charity.
JustTextGiving by Vodafone is the official donation partner of Race for Life. To start fundraising with a free personalised text code, visit Vodafone. Get the Inside Soap magazine on your iPhone or iPad