a1b2c3,

I believe you would have to maintain both status parallel with each other meaning you would have to take full hour of courses to maintain ur F1 status. But in the mean time you can work legally as many hours you want since you have the work permit. I completely disagree with the previous comments that you cannot work more than 20hrs. Thats a Bull. You can work without any restriction but you would have continue to enroll as a full time student.

In regards to the option of dropping out and coming back to the status. I think it totally depends on the communication that you have with the school. What I meant is you can directly talk to school DSO and explain your plan. Ask them, if they would allow you to drop out for now and later help you get reinstate back to F1. They may say that you would not come back to F-1 automatically but they would require you to file for re instatement(Form-I-539). Some school may help you some may not. These CPT crap shit schools wont help and say no for sure because they would lose money if they allow you to drop out or take less classes. But the good schools very well may allow you to do so.

There might be another option that you can ask them if you can lessen your credit hour requirement burden. For instance you can ask them if you can take 3 credit per semester and still continue the F-1 status. That way you can work more to utilize the EAD.

TPS normally keeps getting extended and looking into the past TPS has been extended for even decades for some countries. So you may be loosing a very long term benefit here if you choose not to apply. May be it is there for next 10 years even after you graduate. Who knows. So I think you shud apply, communicate with your DSO's and make the right decision. Thanks and gud luck

Gwaach