How do I target a specific term or node in a toked?
The link node module is doing this for you. Here is a quote about it (from the module's project page):

Once installed you (or any user who can post) can add an embedded href link to any node using the syntax (where N is a number, and NNN is a node id):
[node:NNN]
Parameters follow the part and are comma separated name=&quot;value&quot; pairs:
[node:NNN,title=&quot;Original version of the picture&quot;]
MultiLink supports Link Node, so if someone is viewing in another language it gets converted to [node:101] or whatever the correct node is for the translated version automatically.