FPP gives me an excuse to use a lot of little scraps that I might not otherwise use, so I don't consider it wasteful. However, I recently discovered the Cynthia England method of piecing with freezer paper templates that are ironed on. You can see where your seam allowance will be and it prevents a lot of the errors or extravagant cuts that I typically make with the foundation method of paper piecing (and there's no tearing off paper!). She has a video on her site demonstrating her method.
http://englanddesign.com/content/video-demos-0 You can use it with any foundation pattern, I think, but it's probably best to experiment with a practice block of the type you plan to use in your quilt.