U can...
And after receiving I485 receipt notice, you can file withdrawal of H4. Since adjsutment filing and H4 are kind of non -interfering status, she is fine. It will be better to file for AP too along with 485 just in case.
My guess is even if she gets her H4 approval after 485 filing, it does not affect the H4 filing.
You can claim her current status as H1 and can indicate that H1to h4 COS has been applied. If you have a receipt, you can attach it along with the 485 app. Make your lawyer and employer agree to this strategy before proceeding.