Laid off from job While H1B Location Transfer amendment is pending

[ALRAZY SONET]

Hello Guys,

I got H1B approval visa at January,2018 (Approved I797C showing effective from October,2017 to October,2020). Within same company, after 2 months of getting approval, I transfer to different location and submitted a location transfer amendment, which is still pending.

Now I got laid off from my company, which will be effective within next 10 days.  And my wife is in STEM OPT, now my question is,
1.Does 60days grace period for H1b location transfer pending cases, applicable also? If yes, how long should I wait before starting COS from H1B to F2.

2. If I change my status H1B to F2, meanwhile that pending H1B location transfer amendment application denied, will I be able to revert back to H1B after getting anew job?

I would really appreciate if anybody can help, answering my questions. Thanks in advance