H1 疑問，集思廣益，大家幫忙瞅瞅

I am a H1-B holder working for a non-profit university. I am told to be laid off sometime in July, 2004. If I find a for-profit company to sponsor me for a new H1-B, the effective date of new H1-B will start as early as Oct 01, 2004. To keep my legal visa status, I plan to apply for F1 visa at the same time (while new H1-B pending), if I succeed in changing to F1 visa, I must go to school at the end of June. What will happen to my new H1-B application, can I drop my F1 once my new H1-B is approved? Or my new H1-B application becomes invalid once I get F1 approved since I try to change my old H1-B to new H1-B and new F1 at the same time?
多謝啦