I used to use this trick to rotate colors between terminal windows. When I upgraded to Leopard, the windows stopped being transparent, which sucked. I have finally come up with a solution that uses a different technique. You will need to create several terminal profiles for different color schemes. The cool thing about this way of doing it is that you can use different transparency settings for different colors. You should call the new profiles “rotate X” where X is a number. Then you install this script as /Users/alwold/setcolor.sh or some such thing:

#!/bin/sh
if [ -e ~/.lastterm ]; then
LAST_PROFILE=`cat ~/.lastterm`
fi
if [ “$LAST_PROFILE” == “” ]; then
LAST_PROFILE=1
else
LAST_PROFILE=$(($LAST_PROFILE+1))
fi
if [ “$LAST_PROFILE” == “6” ]; then
LAST_PROFILE=1
fi
echo tell application \”Terminal\” to set current settings of first window to settings set \”rotate $LAST_PROFILE\” |osascript
echo $LAST_PROFILE > ~/.lastterm

Finally, you need to call that script from your .profile (or you can just put the whole script in your .profile). Also, the script assumes you have rotate 1 – rotate 5. If your number of profiles is different, change the 6 accordingly.