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I want to apply to schools ASAP, but Im still waiting on a professor to send a LOR and Im also waiting for LSAC to process my transcripts.

Should I go ahead and send my applications without these two things? Will LSAC automatically update them when the LOR and transcript comes in? Would sending in my apps now without transcripts or LOR be like shooting myself in the foot, or would it be better for the rolling admissions process?

what should I do?

I'll answer since no one else has, but I believe that you can still submit your application. LSAC won't send your LOR and transcript until they have them though, so your file won't be complete until they come in. I think most schools might not even evaluate you until your file is complete. (?)

Not having your transcript will hold you up basically everywhere though. If your transcript comes in but you are still missing the LOR AND it's a letter you really want considered, I wouldn't submit to any schools where you've already met the minimum # of LORs (it'll count your file as complete).

umm yeah...if I'm wrong someone should correct me.