Here is the link I promised. It is on the subject of filing for I-140 while on F-1 but there is a lot there that is relevant to applying for AOS via I-130 while on F-1.
http://www.hooyou.net/f-1/140filing.htm
Herein pasted is the most relevant info:
"There have always been disagreements among immigration practitioners as to whether and how the filing of I-140 affects F-1 student's status.
1. Opinion A
Some read the law very strictly. They interpret maintaining of F-1 student status as having to fit into F-1 nonimmigrant definition stipulated in INA ╖101(a)(15)(F)(i). With this understanding, F-1 students must demonstrate non-immigration intent throughout their stay in the United States to keep their F-1 status. Therefore, the filing of I-140 by an F-1 student, which clearly shows one's immigration intent, would constitute failure to maintain F-1 status.
2. Opinion B
Some others agree that maintaining F-1 status means one has to be within the F-1 nonimmigrant definition as stipulated by law throughout his stay in the U.S. However, they do not agree with the out of status by operation of law theory. Instead, they assert that although F-1 student who files I-140 fails to maintain his F-1 status, he won't be out of status until the USCIS makes an affirmative finding that revokes his F-1 status.
3. Opinion C
The rest believe non-immigration intent is only required at the time of applying for visa and the time of admission. They further claim that the filing of I-140 does not constitute failure to maintain status for F-1 students because such filing has no conflict with "making normal progress toward completing a course of studies", which is the only thing required to maintain F-1 status as stipulated by immigration regulations. With this understanding, F-1 students who file an I-140 do not fail to maintain their F-1 status because of such filing. The best support of this opinion is the fact that the INS (now the USCIS) has not made any ruling based on the interpretations of Opinion A or B.
F-1 Visa Extension
F-1 students who want to travel abroad sometimes may need an F-1 visa to come back to the U.S. if their original F-1 visas have expired. However, if they file an I-140, the immigration intent shown in such filing, contrary to the non-immigration intent explicitly required by the F-1 visa issuance, makes it extremely difficult, if not impossible, for them to get an F-1 visa. All three above opinions have no disagreement in this regard.
IV. Special Issues Relating to I-140/I-485 Concurrent Filing
Effective July 31, 2002, a new interim rule allows the concurrent filing of an I-485 adjustment of status application with an I-140 immigration petition, which adds more twists to the petitioners who are in F-1 status.
Stay in the United States after I-485 Is Denied
Opinion A believes that F-1 students who file an I-140/I-485 concurrently can no longer stay in the U.S. if their I-485s are denied while they are still in school. Opinion B claims that whether F-1 students who file I-140/I-485 concurrently and whose I-485s are denied by the USCIS while they are still in school, can stay in the U.S. to finish studies depends on a USCIS finding. Opinion C asserts that F-1 students surely can stay in the U.S. to finish their studies, even though they file I-140/I-485 concurrently and their I-485s are denied while they are still in school.
Advanced Parole
F-1 students who file I-140/I-485 concurrently may apply for advanced parole to travel abroad and come back to the United States. It is clear that if an F-1 student reenters the U.S. by using advanced parole as benefit of I-485 filing, he no longer has the F-1 student status and can only remain in the U.S. on I-485 pending status. All three opinions agree on this issue.
V. Conclusions
With regard to the question as to whether, by filing I-140, or concurrently with I-485, F-1 students are out of status remains unclear as nobody knows how the SEVIS system integrates into other USCIS systems, if at all, although the USCIS practices to date seem to support the opinion that such filing does not constitute failure to maintain F-1 status.
In any event, F-1 students filing I-140s should be aware of the following consequences:
1. They are highly unlikely to get their OPT applications approved by the USCIS.
2. It is extremely difficult, if not impossible, for them to get an F-1 visa to come back to the U.S. if they travel abroad.
3. They will be denied to come back to the U.S. by using their I-94 cards or non-expired F-1 visas after their trips to Canada or Mexico.
4. Their applications to change to non-immigrant status not allowing dual intent are not likely to be approved.
5. Whether they can change to non-immigrant status allowing dual intent is unclear.
Meanwhile, F-1 students who file I-485 concurrent with I-140 should be aware of the following consequences:
1. If they do not use advanced parole or EAD, and their I-485s are denied while they are still in school, whether they can remain in the U.S. to finish studies remains unclear.
2. If they use advanced parole or EAD as benefits of I-485 filing, they are no longer in F-1 student status, rather, they would be in I-485 pending status, which means if the I-485 petition is denied before the completion of their studies, they can no longer stay in the U.S. to finish the program and have to leave the U.S.
3. They are not eligible for getting OPT and changing to other non-immigrant status that does not allow dual intent.
4. Whether they are eligible for changing to non-immigrant status that allows dual intent is still unclear."