not gonna happen im afraid. The firmware *may* be the same, but it would still be locked to AT&T simple as... you will need to activate, jailbreak and then until an unlock solution is available, you will need turbosim or something similar
if you've already got a US 1.1.2 OTB, buy a turbosim off ebay or something, look around and youll get one for about £60. If you HAVENT already got an iphone, then yes, if your gonna use it on o2 anyway, splash the extra £69, buy a UK model, then jailbreak and activate as the guides detail, then you wont have to have a contract (eg the tarrifs you are meant to activate) and you can use any o2 sim, either pay as you go or contract. Visual voicemail is only available on contract agreements tho due to the EDGE service