Yes, if the US Consul doesn't cancel it ... you can use it in the future.
BE CAREFUL ... when you enter you need to make sure that CBP uses the correct visa on each trip,
PROFESSOR OF IMMIGRATION LAW for over 10 years -- This blog posting is offered for informational purposes only. It does not constitute an attorney-client relationship. Also, keep in mind that this is an INTERNET BLOG. You should not rely on anything you read here to make decisions which impact on your life. Meet with an attorney, via Skype, or in person, to obtain competent personal and professional guidance.
Yes. But double check that your B Visa was not cancelled. It will be very obvious if it was as there will be a BIG stamp saying "CANCELLED WITHOUT PREJUDICE." If it has not been cancelled you can enter the US, but be sure the CBP office at the Port of Entry notes your entry on the B and not The L-1. Also be sure to not work or perform any other activities that are no permissible on B-1.
If your B-1 was not stamped CANCELLED accross it, then you can do that. Be clear about your activities while on B-1 if asked. The fact that you had an L1B previously will raise the probability that you will be asked specifically about your activities in the U.S. upon entering as B.
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You can travel on any valid visa on your passport as long as it is in line with the purpose of your visit and it is not cancelled by the CO.
This response is general in nature and cannot be construed as legal advice, given that not enough facts are known. Any comments offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship. If you would like additional information based on this response, please contact my office at 510 657 7665 or 415 902 0832 to schedule a consultation.