H4 to H1 while Husband's H1 extension

[vbs1000]

Hi,

My wife is on H4 (she had an old approved H1 on which she had worked for 2 years before taking a break to visit India and returned back to U.S on H4), she and her old employer(geniune employer with proper project and pay) are potentially looking at reinstating her H1 in a month or so after she finds a new project which is on the horizon( direct client), meanwhile my H1 is up for extension (expiring in Feb 2013), my employer is going to initiate my H1 extension soon and is asking if i need to extend my wife's H4 as well for PP application.

- If i apply for her h4 ext along my h1 ext on PP, will her h4 also go on PP, also, meanwhile if she gets a job and tries to reinstate her H1, can she cancel her H4 app if it is pending at any stage without affecting my h1 ext.

-As my current h1 and her H4 I 94 dates is expiring Feb 2013, can we simply wait and not file for her h4 extension now and see how it goes with her h1 , if need be can we file for h4 just before her current I 94 expires (say file in Dec 2012) with my future approved h1, is there some stipulated number of days before the expiry that she needs to file for ext of H4.