For 12.11 working on Ubuntu 12.04 you can use pasgui's repo: https://launchpad.net/~pasgui/+archive/ppa/ (https://launchpad.net/~pasgui/+archive/ppa/)
The terminal to use can be set in "Settings -> Environment -> General settings -> Terminal to launch ..." .
Default is xterm, I personally prefer gnome-terminal and use the following settings: gnome-terminal --disable-factory --hide-menubar -t $TITLE -x
.
To chose other font or initial size, you have to use the appropriate settings for the terminal-emulator of your choice.
For some terminals you can even load a special config-file just for the use with C::B.
The exact command depends on the terminal-emulator you use (of course).