Get custom field from page, in a post?

I would suggest a different approach. The option for manually adding post excerpt should go in a theme option as opposed to a custom field. Also you should use this hook for modifying the excerpt’s more text

http://codex.wordpress.org/Plugin_API/Filter_Reference/excerpt_more

If the user is supposed to enter custom excerpt on a per-post basis, they can do it from the admin panel anyway.

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