Regarding the first problem, your Shape has to be reoriented to your Path.  Expand the Loft in the Modifier Stack (click on the "+" sign) and select the Shape sub-object level.  Then rotate/move the Shape until it has the alignment you want.

Regarding the second problem, in the Loft dialogue under the Create or Modify tab, expand the Surface Parameters dialogue and uncheck Smooth Length.

If you're lofting just a single Shape, I suggest you use a Sweep modifier instead of a Loft compound object.  It's less of a headache.