When i unckeck the \'Use option as meta key\' box in Settings, and then do Cmd+F (which i want to mean Meta+F for forward-wo
EDIT: I just realised this answer hasn't answered how to customise key mapping for the meta key. I hope however this answer might help others to find the meta key on a Mac though (it took me ages to find the meta key on Mac and this forum just helped me - so posting what I've got here. No harm I guess).
On my Macbook Pro (el capitan), the meta key is by default mapped to the ESC key.
For example, say in emacs editor, to do a M-%
(emacs find and replace), I would do ESC+%
(I've tested this on iTerm2 and Terminal app.)
The answer posted by @NedDeily helped.