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My applications are all done, and I'm just waiting on my recommenders to submit their letters via snail mail - but I know that it could take up to 2 weeks for LSAC to process them, and one of my professors still hasn't submitted his and is intending on putting his in the mail by the end of this week. I've assigned both letters to all of the schools I'm applying to, but obviously, LSAC has yet to receive and process these letters.

Do I have to wait for both letters to be processed before submitting my application to schools, even if I've attached the letters to the application so they'd see that I ought to have a letter coming in for their app?

And even if I can submit my app first and have the letters sent later, will I be at a disadvantage? AKA will the schools look at me unfavorably/go ahead and judge my application as though the letters don't exist?

You can submit your application without the letters, but it will not be considered complete until you've met the school's minimum requirement for LORs. So it doesn't really make much of a difference. Either way, no one will look at your app until the letters are in.

Also, I'm pretty sure I remember LSAC allowing electronic submission of LORs. So next time someone gives you two options, pick the faster one.

I had my recommenders submit my letters to Interfolio, and then had them sent to LSAC from there. The whole process after my recommenders had electronically uploaded the letters to my Interfolio account, to when the letters were added to my LSAC account, was a week. That might be faster than your professors trying to snail mail it themselves.

Like the above user said, no matter when you submit, your app isn't complete until the letters are in