H1B to F1 Visa Transfer How to quit H1 job in smart way


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I got Receipt Notice (Form I-797) for my COS H1B to F1 on June 18.
I am guessing 3 month processing time  from June 18, 2013 .So it will be in  Sep 18,2013 . But Since we dont know exact date, my question is
Can I  quit exiting H1-job immediate after approval on same  day or 1 week time ? I can work 1 week  to handover my job
Can plan to quit job mid august and join school on start date Aug 18, 2013 on time even if I do not
get an approval  ?
The USCIS officer may  deny or  approve from a later  date, for example after one month say 18 Sep ,2013.?. If I enroll  in August by paying fees. Can I join On 18 Sep ,2013?
Finally , What if deny situation but H1 valid till Oct 2014
Has any one encountered this problem? Can anyone suggest a good course of action??
Very much appreciate any advice.
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