H4 COS with Valid H1B


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Currently on H1b and Max out is on April 29  2021- i94 is also same. Perm application just started. 
I wanted to save sometime in my H1B as i don't see my i140 is getting approved before my maxout, so planning to apply Change of Status (COS) for H4 under spouse H1 from Feb end.

Once i get the COS receipt number, 

1.Can i continue to work even after i get my COS receipt number and quit the job just say 10 days before my maxout ? 

2. Can i apply for H1b extension (COS) once i receive 140 approval using these remaining time in h1b ??

Thanks in advance

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