Hi Guys,
This is an answer to my own question. This might help someone else so posting it here. After posting this query, I met with my university's International student advisor. she told me that there should not be any question raised regarding why you want to convert from H4 to F1. Converting from H4 to F1 is not only beneficial to the applicant but also to INS. With each student on F1 visa, INS can track activity of each student.
However, if in case the question is raised regarding why you want to convert from H4 to F1, one must not mention that he/she wants to do on-campus job or desires to do OPT. The only justification that should be given is, I want to study as a full-time student and my university recommends me to convert to F1 to study as a full-time student.
Hope this helps to someone,
Lenz