Yes, you are jailbreakable.
It just gets a little confusing.
Steps
1.Make a copy of a fresh IPSW file.
2.Open the IPSW as a zip folder and browse to /firmware/all_Flash/all_flash.xxxxx.production/
3.Extract LLB.*****.RELEASE.img3 and open it in a hex editor.
4.Change some random bit or bits, it doesn't matter which or what you write.
5.Add the edited file back to the zip, rename zip to ipsw and restore it to your device using iTunes.
6.The restore will error out and your device will be in DFU Mode.
Now, you can probably just run redsn0w and jailbreak as normal and it will run automatically since you are in dfu mode. You may need to create a custom firmware in sn0wbreeze with an activated 4.2.1. If you are on an iphone and want to unlock, use ultrasn0w, if your baseband is not supported, you can update the baseband for iphone 3g to the ipad baseband using redsn0w.