Maybe one way of making abstinence more acceptable while still educating children about sex is to take the judgment out of it. I mean, talk about abstinence as a valid method of birth control, etc but don't say "Don't do it because you should wait."
And don't make it all or nothing. I mean, if a child does have sex, she's not damned forever and can decide not to do it in the future. I think this is the problem I have with any "virginity" movement. Once you've lost it, it's gone and so is the incentive to not have sex with a future partner (maybe... I don't really know).
I hope it sounds like I'm agreeing with you for the most part, because I am. Some form of non-judgmental support (school guidance counsellor, etc) might help? I don't know if that's practical or if it would even be a good idea.
And, as Tex111 mentioned, teaching girls to masturbate (under the guise of anatomy or something) might help them wait. I mean, if you can relieve yourself after some serious smooching, having sex with a fumbling boy who doesn't know what's where might not be so attractive. Maybe encourage calmer dates with the idea in "Something About Mary" for the guys...
I think openness with sex does help a lot, though. Especially with the emotional issues you mentioned.