H4 to F1 COS pending, like to apply for H1 in April’ 08

[fellowindian]

I am on H4 visa waiting for F1 change of status application received by Vermont on Jan 11, 08.

Looks like the result may or may not come by April 1st. I wonder if can I apply for new H1B application with out my COS result.

What are my options?

Thanks in Advance,
FellowIndian