I have two iPhones 3G that was in 4.2.1 (don't remember baseband). I donwgraded both to 3.1.3. One of them is activated but locked to a local carrier. The other one is stuck in the 'Emergency only' screen.
I tried to run redsn0w 0.9.6rc11 but I get the message 'Unable to recognize specified IPSW'. Only with the 4.2.1 firmware I get the 'IPSW succesfully identified'.
I donwloaded again the 3.1.3 firmware but I got the same 'unable' message.
I also tried with sn0wbreeze but I got the same error message.