All 4.x versions require SHSH blobs and the max 3G version is 4.2.1. Use TU (see sig) to see which 4.x versions have blobs. Plus a custom built and restored firmware is needed to keep the unlock. And if you think the 3G is slow on 3.1.2/3, wait till you try 4.x ....
Best best, don't upgrade. You're max'd out in practical terms.