Transfer from H4 to F1

Currently my H1B transfer is in progress (Has been filed already and I have joined based on the receipt #) with my new employer . As such my wife and my two daughters H4 petition is also in progress for an extension. My wife just got selected for her M.Sc at GSU . It’s seems that in all respect , it’s is better to transfer her from H4 to F1. My questions are:

  1. Do I have to wait for her and my daughters’ H4 extension petition to get approved or should I ask my attorney to withdraw the petition in this current pending state? Or should I just wait once the H4 extension gets approved then to transfer to F1?

  2. The daughters’ will also have to transfer back to F2 with the mother or there H4 petition remains ?