Well, you can make your own viewer.swf, which loads in the
slides in the same manner as the provided viewer. You covert your
presentation using Presenter, and just replace theirs with yours.
You're just loading in small swf files which represent the original
slides. You can even add the XML parsing code to use the same
config files the original one uses. Of course, if you need to
capture LMS data, you'll also need to add a little SCORM code so it
can talk with the server. In most cases, however, just a simple
viewer with load / play controls will work if you you really want
to ditch the loading screen.