Filing h1b on consular processing

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Hi, I am currently on OPT extension which is valid for another 2 years . I have my h1 picked up in lottery this year. 

my employer said they are going to file h1 through consular processing. 

please help understand following questions. 
1. once my h1 is approved in consular processing do I need to travel to my home country to activate my h1? Or I can file change of status petition when required and continue on opt extension ? 

2. Can I continue on opt extension until my opt extension expires and request for change of status inside these two years when required inside USA ? and does this have premium processing  or do I need to travel to home country ? 

3. Pros and cons of consular processing ? 
4. if I need to travel to home country do we have drop box or do I need to go for interview ?

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