You can configure bash keybindings to suit your needs by creating an .inputrc file in your home directory. Mine looks like this:

set convert-meta Off
set output-meta On
Control-f: kill-word
DEL: delete-char
"\e[1~": beginning-of-line
"\e[4~": end-of-line

This lets bash accept eight-bit characters, use ^F to erase word forward, the DEL-key to erase the character to the right of the cursor and HOME and END to jump to the beginning and the end of line respectively.
For a more thorough explanation of what configurations are possible than described in the bash manpage, you can look at the documentation for readline. (Sadly, the manpage for readline is not included with BeOS.)