H1B to F2 Change of Status

[Antena]

My wife’s H1B maxes out in May, her employer filed PERM 9089 on 3/19/2021.  As it takes approx. 7 months, I want to convert her as my dependent - F2 (COS). I have an updated I20 including my wife issued by my university. Ideally, she would have traveled back to her home country, but we are expecting a baby in the month of July, so given the covid situation, she will be unable to travel. 
H1B - Max out dates:
1) I797 - May 19th 
2) I94 - May 29th

My F1 – OPT dates:
Expiring – August 8th, 2021 (I will be filing STEM OPT extension in the month of May).
Can Someone Advice on the below questions please:

1) Is it ok for her to be associated with her current employer on unpaid Leave of Absence - while her F2 application in progress?

2) Once her Perm is approved 7 months down the line what must be done to switch back from F2 to H1B in the below cases:

    -  if her F2 COS is approved by then
    - if her F2 COS is not approved by then

Please share any advice that may be helpful in my situation.