Scattering Parameters and different load
would the S-parameters given need to be "transformed" due to the load impedance being different than the reference impedance for calculation purposes?


No, the S-parameters don't need to be transformed. Since the load \$Z_L\$ doens't match the reference impedance \$Z_0\$, it will have a nonzero reflection coefficient. This will combine with the part labelled as "two-port network"'s S-parameters to produce a different net reflection looking in to the 2-port than if it were loaded with a matched impedance. 

You could, of course, alternatively transform everything to a different reference impedance matching the load. 

The result would be the same.