Add shortcut for iTerm on Mountain Lion
Take a look at this: http://iterm.sourceforge.net/scripting.shtml
as mentioned in this solution: https://superuser.com/questions/455915/mac-os-how-can-i-launch-the-iterm-terminal-with-a-specific-profile-from-autom

It is not just creating the shortcut, you need to tell iTerm to actually "open a new terminal". Otherwise, the best you can get is to have the last active terminal to pop-up and get into focus.