An argument for Faith and Religion, but you won't like it

I'm not convinced. The passage continues:

By faith we understand that the worlds were prepared by the word of God, so that what is seen was not made from visible things.

Loyalty and allegiance don't make sense in this context.

Yes, but the context is maintaining hope in the face of persecution. The "Hall of Fame of Faith" isn't "just there." It's a list of people who demonstrated that loyalty and commitment in the hope of future promise. The problem with the translation you're using is the word "by" (ἐν), which could (and should, I believe) be translated "in" here. This way, the meaning stays consistent through Hebrews 10-12. It's in faith that these "heroes of faith" maintained their hope, anticipating a result they would not see in their lifetime. And the ultimate model of faith(fulness) is Jesus himself (Hebrews 12:1), whose demonstration of that faithfulness (in the face of suffering) is our ultimate model.

The loyalty (allegiance/commitment) is the condition of covenant (both old and new). The promise is decreasingly ambiguous but the author has already foreshadowed it in Hebrews 8 (where the physical tabernacle is described as a mere shadow of the "real thing") and he reinforces it afterwards in Hebrews 13 (where the "mountain to which we have come" is God's very presence). The promise is the "coming of the real thing":

Hebrews 11:8-10 - "By faith [or: in faith, being faithful; also in later instances] Abraham, when he was called, obeyed by going out to a place which he was to receive for an inheritance; and he left, not knowing where he was going. By faith he lived as a stranger in the land of promise, as in a foreign land, living in tents with Isaac and Jacob, fellow heirs of the same promise; for he was looking for the city which has foundations, whose architect and builder is God."

Hebrews 11:16 - "...as it is, they desire a better country, that is, a heavenly one. Therefore God is not ashamed to be called their God; for He has prepared a city for them."

Hebrews 11:24-26 - "By faith Moses, when he had grown up, refused to be called the son of Pharaoh’s daughter, choosing rather to endure ill-treatment with the people of God than to enjoy the temporary pleasures of sin, considering the reproach of Christ greater riches than the treasures of Egypt; for he was looking to the reward."

Hebrews 11:35 - "Women received back their dead by resurrection; and others were tortured, not accepting their release, so that they might obtain a better resurrection..."

Again, the overarching message of Hebrews (besides the explication of the "new and better covenant") is to persist despite persecution, because the "eternal reward" (i.e., the ultimate fulfillment of the covenant promises—the restoration of "heaven&earth") is worth the temporary burden. To aim for that requires "maintaining faith in hope."

As for "belief in a great promise or hope," even a flat reading of "faith=belief" must account for belief being more than "held opinions" or "suspended disbelief." What you truly believe is manifested by how you live. But regardless, you simply can't impose this Enlightenment definition of "faith" onto the text when the meaning of the word in its culture was more than just belief.

It really seems to me that we read it as "belief" because we have always been taught that it is so (again: Enlightenment influence). And so we read Hebrews 11:1 as a definition when it is not a definition. But "re-reading it" as "covenant loyalty" or "loving allegiance" and reading the ἐν as "in" instead of "by," the message of the whole book is more consistent and coherent. 

the "assholes" that flew the planes into the WTC were not heroes of faith.  They did not exemplify the teachings of Mohammed, just the transmogrification of those teachings practiced by radical fringe Muslims who are still quite numerous.  they mislead the masses for their own personal benefit, much like televangelists in the US who do it purely for money but, thankfully, no murders.

People who are willing to die for their faith, like Stephen (the first martyr) are either victims of murder or casualties of persecution or strife related to their faith.  Since you characterize their faith as delusion, you call them "scum."