So, a while ago I talked up a SIMBL plugin for Terminal.app called Visor. I don’t use Visor any longer, as it’s been renamed and updated to a new app, TotalTerminal. It’s still written and maintained by BinaryAge, and still works the same. But they’ve dropped the SIMBL requirement and now ships with an installer (and auto-updating, as well!).
It’s still customizable, and works wonderfully. Go check it out (and upgrade if you’re still using Visor!)