Liz's command grab is not fast enough to punish Terry's crack shoot even if you stand block it. Your best bet is to learn how to consistently throw it or just block and find a chance to GCAB or GCCD it.
If you stand block it, and your only option is a throw, you run the risk of being hit by something like a rising tackle. He'll be in the air at the same frame you'll get out of blockstun. I will admit
I do not play Elizabeth so my assumption that
her command grab is one frame is wrong. However, if you do have a character that does have an instant command throw, you can punish Terry. That is Benimaru, Maxima, Daimon, Clark, Kyo's EX grab, Vice, Kensou's grab DM, Hwa, or Yuri. I would suggest to anyone that if they're working on the wiki to change Mistral's description to not say "Instant Command throw".
If you're going to use meter to GCAB or GCCD, you might as well counter. You could do your Elizabeth's C DP and hit him. Without using any meter, you can, again, do d.B and make him whiff the crackshoot entirely. Elizabeth can combo her d.B, d.A starter into dp+A. Even with my inability to play Elizabeth, I can still punish Terry by doing d.B (whiff), d.B, d.A, qcf+P which is about 10% for making Terry whiff his move. If you can do the DP (because I'm rolling my stick along the gates, I end up doing a super because of double df inputs), you can go into a full combo.