Can I apply for a COS from H4 to F1 while an employer is filing a H1-B petition parellely?

Hi, I am presently on H4 and have an employer, who is willing to sponsor my H1-b petition in Apr 2017. If my petition doesnt get picked up in the lottery, I plan to join a university for Fall 2017. 1. Would there be any conflicts because of applying H1-B and F1 ? 2. Will this increase the chance of my F1 COS getting rejected ? 3. Is it better to just apply for F1 to avoid complications? Please suggest, Thanks.