Did you or your friend save any SHSH blobs with Tiny Umbrella?
If not, then you can only restore/update to the currect 4.2.1, or any 3.x version.
You didn't mention unlock. Need/want any SIM usage? If yes, you must use a custom firmware for 4.0 and above (I would use for all versions, to made sure baseband is not undated)