L1 to H1 transfer COS vs. Consular Notification

[TT18]

Hi - I am currently in US on L1B visa. My application got picked up in second H1B lottery and my lawyers are currently filing it. I had a question on whether I should apply using Consular Notification or Change of Status. My wife is also in the US and she was planning to apply for L2 to get a job here. So, I am thinking of applying for Consular Notification. My questions are:

1. Is there any risk in applying for Consular Notification vs. Change of Status?
2. Once approved for Consular, how much time do I have to activate my H1? My L1B visa’s first 3 years are ending in May 2021 and I was planning to file an L1 extension then