tweaking insert-last-word behavior

[Andy <andy@xxxxxxxxxxx>]

Hi -

Is there some way to induce selective amnesia in 'insert-last-word'?

Specifically, I get a lot of use out of aliases like
  alias -g M='| more'

However, if my previous command was
  % grep bar foo.txt M
and I'm now breathlessly typing out my next clever interrogation of 
foo.txt, the letter "M" is never, of course, what I actually mean to 
insert when I hit 'ESC-.'

I suspect that many shell users make this mistake at least occasionally 
when a pager is invoked at the end of a command - regardless of whether 
it's aliased.

Ideally I'd love to hear that there's an undocumented 'alias' flag that 
means "invisible to insert-last-word". I presume that'd be a lousy general 
solution to the issue, however.

I assume I could remap it so it compares !$ against a list of strings like 
'M' and alternately inserts word n-1. Beyond that feeling rather kludgy, 
I'm not quite sure how to do that; it wasn't obvious to me, for instance, 
how one references the word at !(n-1) with zsh.

Maybe I'm thinking about the problem in the wrong way. Is there an easy 
solution?

Thanks,

Andy