You can renew you TN after I-140 approved.
and it is better to file I-485 with an approval- I-140 . If your i-140 has a problem or refused, you have no chance to renew TN anymore when you file 140-485 cocurrently( because you will show immigration intention by filing i-485).
Of course it it is good to file cocurrently, if you for sure can get your H1B next year.