Sorry for the delayed response on this - putting my research below in case it helps anyone.
I spoke to a few lawyers on this and got a consistent response. Essentially, there are two ways to go about this:
1) change of status within the country - the issue with this approach is that it is taking a long time for the COS to be approved and you can’t start your program before COS is approved unless you maintain your H1B visa till COS is approved (I.e. keep working till your case is approved)
2) travel outside to get a stamp - this is tricky as there is a chance that your f1 is rejected as the I-140 is approved; however, most of the lawyers said that since for Indians the GC approval is 10-12 years out, if you have a good school, the visa counselor shouldn’t have an issue with approving the F1
I’m personally planning to do option 2 as my program starts in September.
Has anyone else spoken to any lawyers on this or have heard any advice from other students?
Posted from my mobile device