travelling outside US while H1 to H4 COS is in Initial Review

My wife’s most recent entry into US was on H4 and that stamped I-94 has a valid date until April -2013. After coming to US she got a H1 and worked for a few months and then on Oct -09 2012 she resigned and applied for H1 to H4.

Can we use the old H4 I-94 to travel and get back into US before it expires?

What would be consequences if we travel while COS from h1 to h4 is under review?

I’m not sure if there is premium processing option available for h1 to h4 and if there is enough time to do that. What are my options now?

If you leave the country when your COS is in process, your COS application will be rejected/ denied. It is assumed that you have abandonned your application by leaving the country.