How do I setup Terminal.app to use my NetShare proxy for internet traffic while tethered to my iPhone?

I’m currently using an iPhone NetShare connection as a proxy for for my MacBook Air. My system-wide proxy settings are correct (they’re currently working in Safari) but I can’t get the connection to work in Terminal.app for ssh and other command-line apps that use a net connection.

I heard that Proxifier would do the trick, but I was wondering if there was a hack that doesn’t cost $40.