I'm not very familiar with the export options in Global Mapper, but I hope someone more knowledgeable can help with that. However, if you manually specify the point spacing then the TER could easily end up being a different size (in metres) than the real terrain. Was the default 30, 30 or something else? If it was 30, 30 then that's just the default TER spacing and probably not correct for your particular terrain.
TERs do not contain any georeferencing information, so the "Auto georeference from file" option will have no effect on TERs, but it is safe to leave it on. Just make sure that the other checkbox "Georeference" is NOT checked, unless you want to manually enter georeferencing coordinates in the fields below.
Perhaps georeferencing your terrain would produce a more accurate result - you would have to manually specify georeference coordinates in Terragen - but be aware that the reported size in metres will no longer be relevant.
Matt