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This might be a little ghetto, but have you tried a technique like this?
http://books.google.com/books?id=05GZf14jYIkC&pg=PA256&lpg=PA256&dq=%22custom+preloader%22 +adobe+edge+animate&source=bl&ots=tFQoVqewJq&sig=HZ66D_E5jVvWZZWeFi-eSpG3Plc&hl=en&sa=X&ei =ZshlUa39FubE2QXNpICQBQ&ved=0CE8Q6AEwAw#v=onepage&q=%22custom%20preloader%22%20adobe%20edg e%20animate&f=false
This is great. I will do some testing. I rather not to use Gif animation and I was wondering if we can make an animation with edge itself for the preloader. Is that possible?
I actually just responded to a user request about this issue, so I'm going to cut and paste what I wrote to him:
Unfortunately, the [request to use an Animate comp as the preloader] isn't technically feasible, as the preloader plays while the Animate runtimes are in the process of loading. It's kind of the "chicken and egg" scenario, where you can't have an animation playing that depends on a runtime while that runtime is still loading.
Hope that helps clear things up!