a. What is my current status? CAN I WORK LEGALLY AT THIS POINT OF TIME?
Out of Status
b. Is my i-94 valid in this kind of scenario?
No
c. HOW LONG CAN I STAY IN THIS COUNTRY?
You are accruing illegal stay from the day your H1 was revoked. More that 180 days will entitle you for a 3 year ban.
d. My current employer is filing for MTR. How long I can stay in USA once my MTR is in process?
Everyday is counted for illegal stay
e. CAN My current employer CAN file for a new H1b based on the same client I’m working for right now. Can I continue my work at my current client based on the receipt number I receive from the new H1?
You are not supposed to work at the client location as you do not have a valid work permit. You will not be able to work under receipt either. Even if your H1 gets approved it will be under consulate processing.
f. Also I have been confirmed with a new job in same city . A new employer is willing to file for a H1 based on this client.
The new employer filing will be under consulate processing, you have to go and get a visa stamped before you can start working.
g. Is it ok to file 2 H1B petitions from two different employers and 2 different end client locations at this point of time?
Yes
h. If both the H1 options do not work out, is that ok to change my status to F1 again by enrolling to a second masters course at a US university?
Not an option as you are not in any status.
i. While my new H1B petition is in process, can I switch to F1 status?
No.
Best approach is to leave for your home country ASAP and get your H1 applied by the new employer. Get your Stamping done, as soon as your H1 is approved and come back.