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Change of status from H1B to H4 and H4 EAD, timelines, restrictions

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  • Change of status from H1B to H4 and H4 EAD, timelines, restrictions

    I am currently on H1B and my 6 years is maxing out this Nov 2019. My wife's I-140 is already approved and her H1 extension is pending approval (receipt notice is already received some time back.)
    My plan is to convert from H1 to H4 and apply for H4 EAD at the same time, so that I can continue working here in the US itself (even though for a different employer), without having to have any gap in my career.
    But I am not clear on whether I should do that right away, or go back to my home country and apply for H4 first and then for H4 EAD, for which I believe I have to quit my job in my home country and come back to the US for H4.
    Can anyone please suggest what is the best and right option for me right now, so that I dont have to be out of work, dont have to travel and come back to the US just for H4 EAD processing.
    Also, does anyone know how much time it takes for H4 and H4 EAD concurrent applications to get approved, and whether I can travel out of US (assuming the approval goes beyond Nov 2019) while my H4/H4EAD processing is in progress ?

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