I received an MBA admission offer and want to pursue the MBA. I am currently in 6th year of H1B which expires in Nov. 2011. My company filed I-140 in Jan. 2011 and is under review.

Do I have better chance to file CoS than go back to my home country to get F1 VISA stamp?

If I file CoS, can I continue to work for current employer until I get CoS approval?

If my CoS is denied before school starts, will I current H1B remain valid through Nov. 2011 and can continue to work for current employer?

I appreciate your comments and help!!