If you use iTerm2 and its hotkey window, a useful gesture is to set to set the gesture '2 Finger Swipe From Top Edge' to trigger whatever shortcut you use to open your hotkey window. Using this really feels like "pulling down" your terminal.
If you use iTerm and want to know how to set up the hotkey window, take a look at this AskDifferent answer.
Then, just set your hotkey to trigger when using the '2 Finger Swipe From Top Edge' gesture.