I would of course double check - but from my understanding...
1) If I do submit the application minus the transcript will Loyola or American still receive the transcript automatically (from LSAC)?
Yes, as soon as LSAC processes it, they will send it over.
2) Also, will my application still be considered without the transcript?
No. Schools will only review a complete application. Note that this means slightly different things to different schools, like the number of LORs and what not, but usually the LSAT and transcripts are mandatory for completion. The schools will process any information they receive, but they won't review it for a specific decision until it is complete.