Have a 3GS 3.0.1 unlocked/jailbroken . No shsh files saved. trying to update to 4.0 or higher keeping my baseband / modem firmware at unlockable 4.26.08 . Tried making custom firmware with pwnage tool for 3.1.2 / 3.1.3 /. And failed . Only version I could create was 4.1 ( pwnage version 4.1.3 unlock). Thanks!!!
Just use pwnage tool 4.1.3 to make a custom 4.2.1 and restore to that in itunes. Make sure you say no to the ipad baseband part so that your baseband is preserved.