I know you asked for Terminal, but really - you should be using iTerm :-)
This is from a script written by a coworker for iTerm:
#!/bin/sh
osascript <<-eof
tell application "iTerm"
set myterm to (make new terminal)
tell myterm
launch session "Default session"
tell the last session
set name to "Server"
write text "cd \"$PROJECT_DIR\""
write text "script/server"
end tell
launch session "Default session"
tell the last session
set name to "Console"
write text "cd \"$PROJECT_DIR\""
write text "script/console"
end tell
end tell
end tell
eof
It launches a new iTerm-window with multiple tabs, and does some small commands in them (for Rails development).