Incidentally, you can do the inverse (open a Finder window for the current Terminal directory) with:
Do you find TotalFinder stable / memory friendly?
In addition, i find adding your editor of choice to the finder toolbar quite handy (open current folder in editor). Here is the applescript i use to open in sublime text - https://gist.github.com/1541764
You can easily modify the above to fit your editor of choice.
>create a button that open a new terminal shell at the current finder location
as of Lion, another way to do it (a way that does not require creating a button) is to drag the folder icon in the Finder's title bar onto Terminal's dock icon.