I think, there is no problems. Better to work for one year in F-1, OPT status. Then, you can file in April 1, 2009 as a regular H1B. In addition, if you have F1 in Engineering degree you will get additional 17 month OPT (total 29months). Therefore, it's waste of time and spoiling the careers, to hurry for filing H1B. Once,  you have H1, (not for profit organization). You can't transfer to other company, as far I know because it's different catagory rather than normal H1 filing. So, its work only for that company.

If you need any futher information, you may approach to me through email. I can share information, if it will work out to you. However, I do not advise to waste of time for applying H1 at this moment because your degree fall under STEM and can get 29 months OPT. You can save much money rather than what you will earn (almost avg. 10%) of total income on monthly basis.

Thanks and good luck

Sharma Nepal