What are the chances of denial for the H4 EAD to f1 change of status?

In all such cases, the "chances of denial" stand at least 50% or more.

H4 Visa is in administrative processing for 87 days now?

Consider yourself lucky that your own visa application did not go into "AP"...

That 90 day rule by DOS will have no effect on you.

Can my spouse file for me even though he is a convicted felon

While a convicted felon is indeed eligible to sponsor his foreign national spouse, the process will be much more difficult if the felon in question...

Often times a Fraud Waiver is also required in such situations before any K-1 could be approved/issued.

How long take to give decisions after interview in asylum office Chicago

A "very long time". Your guess is as good as ours. Consult the asylum offices processing times report.

Currently, I have approved I140 and my H1 extension was filled on March 8th in non-Premium and decision is pending.

The I-539 and I-765 for the H-4 will not be included in the PP.

Will my children get SSN's with their green cards? They are currently on L2 dependent visas with ITIN's.

Unless mentioned in the immigrant visa package paperwork, will need to apply yourselves.

I,m working for this employer for last 3 years ?

3 years work for the employer after having acquired LPR status is more than enough.

Family petition ?

Happens quite often with Pakistani and/or other (foreign) name spellings. Correct once at NVC level.