2 VISA processes at same time

Hi Friends,

I need a big help from you. Sorry for a lengthy post. Waiting for suggestions.

My employer had filed H1B VISA this year. I don't know the lottery results and even my employer will not reveal that till July. Even though selected in lottery, I have no hopes that my employer will send me as there are bulk of applicants from my company.
Going to US is my dream
So I planned to study MS in US. I got admission in 4 colleges for FALL 2014 which will start in August 2014
Questions::
If not selected in lottery:
Can I attend F1 interview in July?
Will Visa Officer(VO) know about by H1B application?
If VO knows, what is the best way to answer why did you applied both at a time?
Will VISA officer reject me straight away stating me as potential immigrant saying you had applied for H1?
What we need to fill for the Question in DS 160 form for F1 Visa "Have you ever been refused a U.S. Visa, been refused admission to the United States, or withdrawn your application for admission at the point of entry?"
If selected in lottery:
Still can I attend F1 interview in July?
Will Visa Officer(VO) know about by H1B application status(i.e. it was picked in lottery)?
Do I need to cancel the H1B process before trying to apply for F1 VISA? If so It's not in my hands. What to do?
If I can attend F1 Interview, what is the best way to answer VO why did you applied both at a time?
What we need to fill for the Question in DS 160 form for F1 Visa "Have you ever been refused a U.S. Visa, been refused admission to the United States, or withdrawn your application for admission at the point of entry?"
Please provide your valuable suggestions.