Yesterday I upgraded my iphone to 5.0.1. I didn't use custom firmware...
My iPhone is AT&T locked and even the baseband got upgraded to 4.11.08

If I downgrade to 4.3.3 using the saved shsh file will the baseband downgrade to 4.10.01?

If not, is there any other way I can downgrade the baseband if I have to the shsh file saved?