Applying cap-subject H1B and F1(CPT) at the same time

Hi all, I have a urgent question regarding applying H1B and F1 (change of status) at the same time.

Here is my situation: I currently work for a non-profit firm in the states under cap-exempt H1-B and recently was admitted to a school (not yet file F1). I recently just got an offer from a new for-profit company and this new company is ready to file a new H1-B application for me in this April.

My goal is prioritized as the followings:

  1. Work for new for profit firm under cap-subject H1B, if selected in the lottery

  2. Work for new for profit firm using CPT, if new H1B not selected

  3. Retain current cap-exempt non profit H1B and keep working for the current non-profit firm

The school start in the first week of May so I will need to change my status from the current cap-exempt H1-B to F1 in April as well in order to apply for CPT. I would like to know if will there be any conflict if I am filing F1 application at the same time frame while the new cap-subject H1-B application is under process. Say if I am selected by the H1-B lottery before F1 is approved, can I cancel the F1 application?

Please kindly give me some recommendations on how I can accomplish my goal.

Thank you so much!