Urgent - Can I apply L1 extn while H-1b processing by same employer

[SVS]

I am on L-1B Visa and it expires on 15-Sep-2011. My employer applied a new H-1B visa (NOT L to H) on 01-August-2011, since my visa expires on 15-Sep-2011 my employer is going to apply L-1B extension by next week. I have few queries, please clarify.

1) Can we apply both H-1B and L-1B Extension visas at same time for same employer ?

2) If I get H-1B approval before L-1B ext approval what should i do ?

3) If I get L-1B extension approval after H-1B approval what would be my status and can i continue my work here on L-1B ? If i continue with L-1B after approval then what would happen to my H-1B visa ?

4) If I get both L-1B and H-1B then can i change my visa from L-1B to H-1B here itself ?

5) My employer also planning to apply H-1B Premium process. Please advice on this.

Thanks
SVS