Hi there. I just figured this out after reading your thread here, so in case you haven't found it yet, the answer is this:
Type M-(arg)-C-y, so if you wanted to recall the 3rd argument of the last command (note that arg numbering starts at 0) you would hold CTRL-META, type 2, and type y.
Also, if you are on a Mac, you will have to make sure your Terminal is set to use Option as a meta key (Preferences > Settings > Keyboard).
Cheers,
-elliott-