If you haven't filed I-485 for your hu*****and, his F1 is still vaild. But ONCE you apply for I-485 for him, he is no longer on F1 status, and can't change back to F1 anymore.
With respect to 140 denial, you better wait till your comapny or your lawyer recieve the letter and find out why. But you only have 33 days to submit your appeal. The form is I-290B.
If you are on H1 status now, you can submit a new I-140 petition with the same LC and new support documents.