If I understood you correct then:

I don’t think you need to be on CPT to get an H1 approved. You can tell your possible employer that you have one masters and if they get your H1 approved you will leave college and start working.  All you need is an offer letter. They can even put a date of H1 start as the end of your current semester so that you don’t lose any completed work in school. Once your H1 gets approved, you can no longer be a full time student from the date when your H1 was supposed to start, because of the “no double status” clause.  

Please verify what I said with your possible H1 employer. Their HR would know more on it....

Best of luck.