Creating a standalone instance of Termineal

[Macula]

I would like to create an "independent" instance (session) of Terminal, ideally one with its own icon, which would open in the bash shell and in a specific path of my choice (e.g. /opt/Lisp).

Under MacOS 10.5 this was easily possible via the Terminal>"Save as" menu command. Unfortunately, the command has disappeared from the 10.6 version of the OS.

What am I missing? Any solutions?

Thank you.