Answer
See clip from Attorney Rajiv S. Khanna's conference call video that addresses this question.
https://youtu.be/ZvUVIGTM-Kk?t=520
FAQ Transcript:
Answer is yes. They can't convert within the United States, but they can go outside of USA and try to get F-1 stamped and come back. That does not get rid of two year residency visa. However, remember two year residency visa requirement only says this: if you have J-1 or a J-2 which is subject to the 212 (e) HRR, you cannot convert to H, L or Green Card, but you can if you want to change to F-1 visa but not within the United States as far as I remember. It does not allow the change of status also. So you can always get a visa stamping done and you can do it without the waiver, F-1 does not require waiver. However if down the line you decide to convert to H-1, your J-1 holding spouse either must have received the waiver or a home residency a fulfillment of 2 year residence abroad to the home country.