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

This is an old post but adding an alternatives for Robots to find. I borrowed a couple of files from Aquamacs(emulate-mac-keyboard-mode.el, aquamacs-tools.el) that fixes the problem (I have a Italian-Pro keyboard) :

(defun aq-binding (any)
 nil)
(load  "~/.emacs.d/emulate-mac-keyboard-mode.el") ;;  'noerror

this provides:

• few minor modes (emulate-mac-italian-keyboard-mode, emulate-mac-french-keyboard-mode, mulate-mac-swiss-german-keyboard-mode, etc)
• a menu to play with all the options provided by Aquamacs

Tested with Emacs-23.3-universal-10.6.6 and seems to work ok for me.

Thanks Aquamacs for this, what about pushing this upstream if not already done.