How many times do I need to say this??
You can argue about font (Ariel gives you the most bang for your buck, but what the heck, you like Georgia, I don't care). You can argue about which citation method (I prefer Author, date, but will tolerate numbers. I understand you want to save space, but remember, it is easier for me, the reviewer to read author, number. Ask yourself, what is more important: the space you save, or my comprehension of what you say?) to use. You can argue about justification (although justified on the right *will* add weird spaces in the middle, your choice, gospodin).
You need to leave some white space. If you push the spacing to the limit (i.e.lines vertically crammed together), and minimize the margins to 0.167 inch, and leave no extra space between paragraphs (an extra 6pts looks nice), you will have massive, Soviet blocks of text. My eyes will glaze over and I will not appreciate the gorgeousness of your ideas, your logic and your prose.
I want to fund you, young junior faculty, young untenured padawan. Really I do. I want to give you a score so that you can go forth and prosper. But, dammit, sometimes I feel that I am fighting an uphill battle.