Why is CTRL + = shortcut blocked

In the Terminal preferences, go to Settings and select Keyboard in the panel. There you can set various key combinations to send whatever string you wish to the shell (or the program currently running).

Keyboard Maestro

You can do this with Keyboard Maestro, using a macro such as this:

Alfred

You can set up a custom hotkey to launch an app using a workflow:

Go to the workflows tab, create a new workflow and add a hotkey and a 'launch apps' with Terminal selected as the app to launch.

KeyRemap4MacBook

You can use KeyRemap4MacBook with a private.xml such as this:

<?xml version="1.0"?>
<root>
  <vkopenurldef>
    <name>KeyCode::VK_OPEN_URL_Terminal</name>
    <url>file:///Applications/Utilities/Terminal.app</url>
  </vkopenurldef>
  <item>
    <name>Activate Terminal with ⌘Space</name>
    <identifier>ActivateTerminalWithCmdSpace</identifier>
    <autogen>
      __KeyToKey__
      KeyCode::SPACE, VK_COMMAND | ModifierFlag::NONE,
      KeyCode::VK_OPEN_URL_Terminal
    </autogen>
  </item>
</root>

Automator Service

You can create a service in Automator:

…then in System Preferences → Keyboard → Shortcuts → Services you can assign a keyboard command to run it.