As internet traffic will further increase in coming years, the current network infrastructure will have to grow along in terms of capacity. To this end, optical packet/burst switching have been proposed, allowing more efficient use of the available fiber capacity. To resolve packet contention in the involved optical switches, Fiber Delay Lines (for delay assignment) and wavelength converters (for wavelength conversion) are used to reschedule the contending packets, by means of a scheduling algorithm. Existing algorithms are effective when employed with an infinite number of converters, but generally perform poorly when the number of wavelength converters is small, as is the case in most switch prototype architectures. In this paper, several parametric cost-based scheduling algorithms are proposed that take scarcity of both FDLs and converters into account. Results obtained by Monte Carlo simulation show that these algorithms not only enable improved performance (in terms of packet loss probability), but also reduce the usage of the wavelength converters, and thus, the switch's overall energy consumption.