Simultaneous H4, H4 EAD and H1B

I am currently on STEM OPT with my OPT end date as August 31st. My employer has filed for H1B this year and it will be my last and final chance (I’m currently waiting to hear back from attorney/USCIS on the lottery verdict). my husband has an approved I-140 from his employer. My question is:

-can we submit a parallel H4 and H4 EAD as we wait on the H1B result so that we get one of the two approved? (we are worried that H4 revocation may happen soon )

-what will happen if we submit the H4 and H4 EAD simultaneously and THEN get to know that H1B application has been picked. Can we cancel/ revoke the H4 at that point?

Please help

You can apply in parallel and choose the track where approval comes first. Withdrawal of other application is easy.