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

The above answers mention ways to enter non-ascii input, but that's not really the problem here. The C-x 8 method lets you enter a bunch of non-ascii, but the problem is that you need the option key on mac just to enter the (ascii) character `|' (vertical bar)!

So how do you then enter stuff like M-| (region to shell command) when running emacs in ssh under Terminal.app? No way for it but to use the escape key, since | is option-7 and Terminal.app for some stupid reason won't let you use Cmc as meta :-(

(If anyone knows of a hack (SIMBL perhaps?) that actually does let Terminal.app use Cmd as meta, I'd be very grateful...)