I am currently on Extended opt status which expires June 30, 2010.My employer is willing to file for my H1B in April 2010.Can you please advice

If H1 is approved
1)Do i need to join a college to extended an F-1 status in order to fill the gap between July –October. If yes when would you recommend me to join and change my status
2) If not required to join college will I be authorized to work during the gap between July –October .
If H1 is rejected
Can I be able to join any college and obtain my student status back.
I have read some forums and I have noticed people in my situation were advised to go back to F1 status before filing for H1B