These are good questions. I wish I could answer them for you. I believe that these waivers are quite speculative. I wish you all the best. While you are here at ILW.COM, check out our weekly E-zine.
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I am in the process of applying for adjustment of status based on an approved I-140 from a labor certification. I have recently heard of something called consular processing which is supposed to be faster. Consular processing is sometimes better for some people. As a rule though, you need to be in legal status. This means that you would have had to file for adjustment of status within 180 days of the H visa expiring.