OS X Terminal: Meta key + alt functionality at the same time

Question

Is there a way to use an alt / option key as a meta key but still be able to use it to make some characters which need it?

For example, in my l

Answer 1

I have a Swedish keyboard on my Mac and I'm using Aquamacs. Adding the two lines (attribution goes to Joakim Hårsman)

(setq mac-option-modifier 'none)
(setq mac-command-modifier 'meta)

in .emacs (and restarting Aquamacs) did the trick for me.