H1 to F1 to I-140/H1

I have a very odd situation, My H1 is maxing out Nov this year and company filed Perm June 2022, so will not get Perm and I140 approved before Feb 2023. In order to avoid going back to India I am switching to student visa to fill the gap (Nov 2022 - Feb 2023), and once get I140 approved in premium will switch back to H1B (change of status).
Now question is after getting Perm and I-140 approved can I start work with receipt of H1b filling? or have to wait until approved? In that case both 140 and H1B could be filed in premium separately? I can’t stay as a student without job for very long.

Once I-140 is approved, AC21 extension of status with change of status will need to be applied. You can only start working once change of status is approved. Both 1-140 and H1B can be filed using PP.

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