This next one is better. It requires awk and PasteBoardStacker (dont remember the repo right now, but can find it tomorrow if needed). I would have used the system's PasteBoard, but it's half gibberish and I haven't tried to decode it yet.
PasteBoardStacker keeps a list of the things you have copied so you can click on them to paste. It can remember 20-100 items but you can change it's plist to less. I have it set for 3, which is plenty for me. This script will paste the last thing copied by grabbing it from PasteBoardStacker so everything is transparent. You copy it from another app then run this script and it automatically pastes to in Terminal.
I call this one "clip" and it can be used it two ways, which you may already recognize. The first is just typing clip and piping it to other commands, the second is using a sub-shell. If you want to download a file, for example, copy the link and use "wget $(clip)" in terminal. $(clip) will run first so the result is "wget www.link.com"
Code:
#! /bin/sh
awk 'BEGIN{ RS="</string>"}{gsub(/.*<string>/,"");print;exit}' /var/mobile/Library/Preferences/com.hitoriblog.pasteboardstacker.plist
I may try to work on some sort of copy. It wouldn't be a highlight/copy obviously, but it shouldn't be too hard to pipe to a "copy" script that gets the text into PasteBoardStacker's list.