1. What status will I be in? H4 or H1B?
Ans: H1B
2. Can I still get an approval on H4 EAD after my H1B approval? Is it possible?
Ans: No.
EAD is NOT A STATUS, Its a work permit when one is on H4 visa.
So, once your H1B COS is approved, you are on H1 Visa status, thus, H4-EAD is not valid(even if it gets approved after H1B visa approval)