Can I hold H1B and B1 Visa, both?

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I am currently holding B1/B2 visa and have initiated for H-1b visa now. I have three questions with regards to this.. 1) How long will it take to get the H-1b stamping if i initiated the H-1b process by August 1st week. 2) What will happen to my B-1 visa status if I get the H-1b stamping? Will both the visa's be valid? 3) Can I travel to US using my B-1 visa if my H-1b is on process.? Please clarrify?