I prefer to bind it to ` with `` to send a real `. It makes it really easy to flip back and forth between two screen windows since last-window is now:

  `q

Now I don't even have to use Ctrl. This takes a little getting used to, but I prefer to use $() instead of `` for shell scripts (I use bash/zsh) so I don't make use of ` that often.

I do have bindings on F11 and F12 to toggle the escape character between ` and C-o. (Just in case I need to paste something into a terminal with ` characters.)

(Note: This whole setup is ripped off from some StackOverflow or HN post.)