I never have time to read term papers or projects but may glance over them for signs of good writing, organization of information, and strategic thinking. I have seen news releases, articles that resulted from the news releases, ads, flyers, newsletters, brochures, campaign outlines, newspaper submissions and the actual article that resulted, photography samples, promotional items, invitations, logo creations, media kits, and postcards. On packaging - as long as it is organized, I'm happy. But, the student leaves a better impression if the packaging is creative and a marketing piece itself. You can't teach someone at this level to write.
Cover letters are simply a letter of introduction.
In these letters, you are explaining who you are and why you are writing to the resume reader. It is a matter of courtesy that you introduce yourself when you are requesting something of them, in this case an interview. My rule is - if you are not shaking hands with the hiring decision maker and introducing yourself, then you need a cover letter to introduce you. If you are shaking hands with the hiring manager, you are introducing yourself verbally and requesting an interview. In this case, hand them your resume without a cover letter.