The answer to the question would be Yes. You can apply for the work permit I 765 after 150 days of filing of the asylum application and be eligible to receive it after 180 days. Looking at ur situation u shud have already applied for work permit and received it by now. I have no Idea why the hell u are still waiting for. So my advice would be apply for the work permit ASAP.
Consequences that can follow:
1. You can continue to keep that work permit until ur case is decided by the asylum officer. Lets say ur case is granted you will continue to have the work permit and later file for the adjustment of status (green card).
2. Lets says u were denied by the asylum officer in that case u will get NOID letter( Notice of intent to deny ) which will let you appeal the decision of the asylum officer within 16 days. After the same officer reviews ur application he/she may approve the case or send u the final denial. If it is approved then u will continue to have work permit and again apply for green card after one year but if not ur case will be denied and ur work permit that u got from (pending asylum) will expire after 60 days from the date of denial or the expiration of the work permit whichever is earlier.
3. Lets say u were denied by the asylum officer and u decided not to go school after this OPT. that means you decided not to continue ur F1 status. In this situation if u are approved by the asylum officer then u r all good (start dancing ). But if not ur case will be referred to the immigration judge. But remember ur work permit will forever remain with u until the decision of ur application which may very well extend from 1 years to 20 years or more. You will keep that work permit until ur case is decided by the highest court of the united states. Lets say ur case got pending for 5 years in immigration court 2 years in Board of immigration appeal (BIA).... another 5 years in Circuit court ( 9th circuit in ur situation). You will have the work permit for all these 12 years. You can renew it every year without any problem.
So now the decision is urs. Which option would give u the best for outcome in ur life for ur future and ur family. Its totally up to you wether to continue ur studies or fall out of status and go ahead with the case in immigration court. Gud luck brother.