Should I wait for approval of I-140 and apply for I-485, or extend my current status
Assuming you are on H-1b or L-1.. i would do both
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Assuming your priority date is current, I recommend that you file the adjustment application with the employment authorization document application as well as extend your nonimmigrant status.
Yes. It is always right and proper to maintain status.
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You should extend our current status. It appears that you may have filed the I-140 alone because you were not eligible to file the I-485 which would be the case if your priority date is not current. You have incomplete information to decide whether you are currently eligible to file I-485
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