H1B to H4 COS and back to H1B

[prb1682]

I recently got laid off and my last day at work was March 20th. I have found a new job and the employer does sponsor H1B but the grace period that USCIS provides expires on the 20th of May. Given I have less than 10 days till my grace period expires, the employer cannot initiate the transfer process without me leaving the country. One of the ways I read to do the transfer was to file a change of status from H1B to H4 (my wife has her own H1B and is currently working) and once I submit the the COS request and before it has been processed/approved, the employer can initiate the transfer along with an additional COS request from H4 to H1B. This would allow me to not leave the country and still have my transfer done.

What I want to know is if this is a good idea and if not, what is the best way to tackle the situation without leaving the country and getting an H4 stamp. Please advise.

Thanks.