H1B Visa revoked and COS to F1 is applied

My fresh H1B visa got revoked in Jan 2021 and my employer didn’t run my payroll as I was on the bench due to Covid. I already applied for COS to F1 as I was already studying on Nov 30, 2020, but it’s still pending.
Now, I got a job in some company and my new employer is ready to file my H1B transfer, so I have the following questions:

  1. Can I go for normal processing and start working on the receipt?
  2. What are the things do I need to take into considerations before applying for an H1B transfer so that I have the minimum risk for rejection?
    Thanks in Advance.

From your question, it is clear that you rightnow applied for F1 COS and do not have OPT or any approved or unrevoked H1b. So you would not be able to work on just a Receipt. you would need to wait till the petition is approved.

since the first time revocation was due lack of project , you need to make sure your employer assigns you a project, if possible with additional evidence of project like SOW along with client letter. however it is not mandatory.