H1b extension mandatory? LC filed for GC. From Bangladesh

[heidy]

I am originally from Bangladesh. My GC labor has been filed on Feb 22, 2012 under EB-2 category. My H1B expires on Oct 11, 2012 and my current project ends at Sept 30, 2012. Now my question is, once my labor gets approved anytime between 3 months (or standard procedure time) given that I file the I-140 and I-485 concurrently and on a fast track, is it still necessary for me to apply for a H1B extension?

Rephrasing the question again, if my Labor gets approved by May 22, 2012 and I get to

file

my I-140 and I-485 concurrently and on fast track before my H1B expires: Do I still need to extend my H1B?

Also, can anyone please tell me what is the average/ standard time to get the I-140 or EAD approval considering I do a fast track process with a concurrent filing of I-140, I-485 and EAD?