I appreciate this thread - AE/AF lock button is one feature I have trouble explaining to myself and friends on digital photo walks (and each camera model may have different physical buttons and Custom Function settings). A Nikon owner showed me where his high-end camera (I forget the model) had separate buttons to perform what the Custom Function settings mentioned above do.
Ref. My 5D2 C.Fn IV Operation/Other says (how can this not confuse anyone?)
0: Metering + AF Start
1:Metering + AF Start/AF Stop
2: Metering Start/Metering + AF Start
3: AE Lock/Metering + AF Start
4: Metering + AF start/Disable
I'm always "pumping" the shutter button 1/2 way down to re-achieve AF, and if I knew I wanted to meter on an off-subject point, mode 3 would seem to work... i.e., meter on desired point, then settle on focus w/ shutter 1/2 way down... if I indeed get it.