H4 to F1 conversion in wake of Comprehensive Immigration Reform

[manoj321]

I'm on H1B and this is my 9th year in USA. I have already applied for GC in EB2 and waiting for PD to become current for me. My PD is in early 2011. My wife who was on H4 visa for last 5 years recently applied for F1 visa and took admission in one of the local universities. The recent talks by President Obama on immigration reform look promising to me. I was wondering if we made a wrong decision ( or a right decision at wrong time) and if

a) My GC processing could hamper her change to status to F1 visa.

b) Will my wife still be eligible to apply for EAD along with me (or file 485 application) if the PD becomes current for me and she's on F1 visa at that time.

c) In case the other legislative change as proposed by DHS to allow certain people on h4 visa to work goes through, will my wife be able to change back to H4 visa and satisfy the criteria to become eligible to work.

After 5 agonizing years, we took this step to convert to spend time and money by taking the F1 route to become eligible for work. But it appears that it was mistimed. Please suggest.