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System Preferences > Keyboard > Keyboard Shortcuts

Or, you could simply put Terminal on the Dock. One click... open!
 
You can't assign a shortcut to open an app through System Preferences.

OP have a look at this.

I use Visor, and it works perfectly. I just have Terminal auto-launch at login, and it hides itself away automatically, ready for me to hit my ^~ shortcut and fire away.

jW
 
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