FLR(O)

Hi, I was wondering if anyone could give me more information about extending my stay here in the UK. I am currently on my Post study work visa which expires very soon, and I would like to extend my stay under the circumstances that I wanna study further, possibly for the September intake (2014). I know it is not the best reason to extend my stay however, the situation in my hometown is also getting worse and therefore it will be best if I continue staying here whilst working and waiting until September.
My first question is regarding if I can go back to student visa (Tier 4) from the FLR(O) visa in August/September? or what happens if my FLR(O) request gets rejected/refused? Would that mean I will not be able to apply for a new student visa?
I am also hoping that I can apply for ILR completing 10 years of legal residence here in the UK, would staying on in the country under the FLR(O) have any impact on that as well?

Please help me , all advises are welcome and if there is anyone in the same situation or have been , how did you guys manage ?

Thanks to everyone!!