Re: Cover Letter
I agree with X2's suggestions.
I've personally used a 3-page résumé while applying for management consulting positions and have seen it used in many places - but I've supplemented it with an online portfolio highlighting my consulting engagements and project experiences and accomplishments. If someone reading your résumé is going to be interested in reading more, they can always revert to the website.
As far as the cover letter goes, make sure that you map as many of the requirements advertised in the job description to what you have to offer. This may seem like a very mechanical task at first but it helps in multiple ways... it shows that you've taken the time to study the job description and done your homework about the company, and it gets the hiring person/committee to at least look at your résumé. One page is typically the maximum for a cover letter.