Consider separating this issue into two simple questions.
1. Should this data be collected?
Even though this sounds like a horrifying step towards big brotherhood, the presence of the data in an accessible form makes a great deal of sense in law enforcement.
2. Should the government do the collecting?
If no (and I think that is the only answer to this question) then surely the logical conclusion is a) a private company should "buy" the data from Verizon et. al. and b) said company should "sell" (on production of a court order) the results of a search.
This not only solves the problem but imparts financial controls over abuse.
The fact that the data is in private hands, is not accessible in any way other than through searches accompanied by a dollar charge AND a court order should mollify most arguments.