I know that I have to saw the bottom of my wood door jams to slide the laminate under but, the wall between living room(where the laminate is going) and the dining room is just finished drywall (with metal corner bead) with no wooden door jam. Since the floors in the two rooms are not going to be the same height, I have a reducer trim and I can't just run the baseboard around the corner. Can I use my 'wood saw' to cut under the wall with the metal corner bead?
With such an installation, I'd suggest that you DO NOT touch the drywall. It will not react to cutting the way a wood jamb will. You would most likely end up pulling on the corner, and causing cracks above it. Additionally, if you attempted to do such a thing, you will end up with a very ugly mess down there. This is drywall and not wood.
I say again: DO NOT attempt to cut the drywall corner in any way.
Leave the drywall corner where it is.
Consider one of 2 options:
1.) Install a threshold, transition or diffusor strip over the opening area, that will allow the laminate to continue to float.
2.) Install shoe-base (base-shoe), over the edges of lower drywall jambs to cover the expansion gaps of the laminate. You may be able to install it returnign the ends, or tastefully "meld" it into any adjacent trim (base).