COS H4 to H1B while H4 in Pending state(I-94 validity expired)

Hello Everyone, It really means a lot to me, if anyone could answer my questions,

My H1b validity Oct 1st, 2018 to sep15th 2021. I got 221g in Nov 2019, and I waited for almost an year no response from consulate, decided to go on H4 to USA on Dec 24th 2020. I travelled to USA on Dec 24th 2020. I got i-94 validity till Jan12th 2021. my wife h1b validity expired on Dec 31st 2020. Her employer filed her extension along with my H4 extension she got approval for 3 years but my H4 extension is in pending state. Now I got a full time job opportunity with XXX company, They are planning to do COS pending H4 to H1b

I have couple of questions here,

  1. Is it possible to do COS while H4 is in pending state?
  2. In case if I get approval, Do I need to go to India for stamping again?
  3. Since I don’t have valid i-94, Can I expect my case in consular processing?

The chances are high that your H1B will be approved with consular processing.