Is it good time to change my status to h1b and if I filed for h1b and it got rejected in case, then will they cancel my 10 years visitor visa too?

Although, the embassy may have issued you a 10 year multiple entry visa, please note that each time you appear at the US port of entry, you are making an application for permission to enter. The border inspector will grant you entry to stay for no more than 6 months. The actual date of your departure and after which, you fall out of status is on the I-94 (white card) stamped to your passport. If you have been in the US past that day, and you did not obtain an extension from CIS, then, it is more likely than not that, despite the 10 year visa, you may have fallen out of status and hence, that your 10 year visa has become void automatically as a matter of law. The issues are too complicated to explain in this forum and as such, you need to have a sit down with an experienced immigration attorney and who must review all your documents before such attorney can prescribe a possible course of action, if that is still possible under these circumstances.