faction change

I'm currently have no coins, so in order to change my monks race I figured to use 150 VP to transfer to ally and then 150 VP more to transfer back to horde and switch races, I suppose transferring factions includes race change so there should be no problems.
Or there will be?
1. Is there a time limit for faction changes? tb once every 30 days or w/e
2. will pandarian change race when transferred to alliance?

There are no limits, and yeah change race option will appear when you do faction change, so feel free to spend 300 VP's for that, I did the same thing as well when I was out of coins.