I know enough about genetics to say that every animal can have an albino form even us humans. So my question is whether two normal leos can produce an albino hatchling? And if so what are the odds roughly?
Yes, but only if they both carry a single copy (het) for the same type/strain of albino. There are 3 albino genes (as of today), and they are not compatible--a Tremper albino bred to a Bell albino cannot produce albinos in the first generation.
If you were to take 2 leos at random from their natural habitat, the odds would be greater that you'd get struck by lightning
I believe that he did in fact find the gene. I couldn’t tell you for sure though, as I wasn’t around when this was going on. But as far as I know the name Las Vegas was given to disassociate the albino strain with Tim Rainwater.