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I am ready to apply to some schools right now, the problem is some of them require 2 LOR. Right now I have 1 out of 2 officially received by LSAC, with the other to probably arrive in the next few days. Can I assign both the received & unreceived LOR's now to the specific schools, and go ahead and submit my apps? Or is it smarter to wait until the second letter is received so they don't start reviewing my application before then. Thanks!

If schools actually require 2, you can submit now and it just won't be marked as complete until the second one arrives. If they only require 1, you may want to wait since then they might start reading before the second one arrives. Look at each school's instructions carefully (and their websites). The exact procedures vary by school.