Change of status to H1B while H4 EAD renewal in progress

Hi, I need to understand how would the processing happen in the following situation. I am currently a H4 EAD visa holder and working. My work permit i.e. EAD expires March 2021 but H4 will is still valid until 2022. I have applied for EAD renewal this month i.e. Sep 2020 and see no chances of getting the work permit before its expiry. If I encourage my employer to apply for H1B in April 2021, it means I am applying for a change of status from H4 to H1B and also my h4 EAD renewal will also be in progress. My question is -

  1. What will happen to my H4 EAD renewal application if my H1B is applied ?
  2. Continuation with above question, what will happen to my H4 EAD renewal application if my H1B application is not picked in the lottery or I receive an RFE?
  3. Will I be able to continue to work if my H1B is picked in lottery and I have received in the recipt since this is my first H1B visa application?
  4. What are the chances of RFE as my employer is a staffing company?
  5. What are the risks I should keep in mind if my employer files for H1B during my EAD renewal.