I had been searching for a custom preloader that did not require a SWF for a while and finally found my answer from i am josh: http://iamjosh.wordpress.com/2007/12/18/flex-custom-preloader/.
His source code got me on the right path. A simple preloader with a logo and a progress bar. I modified the code that handles the manual drawing to draw a border around the loader component and pad it a bit for visual purposes. Here’s my modified code: Download preloader.zip.
The original can be found at i am josh’s blog.
