You can unlock your baseband.
If you dont have your shsh's for 3.1.2 or below firmware you will not be able to downgrade and JB and then be able to update to custom 4.0 IPSW.
Is your iphone on stock 3.1.3 now and do you have any SHSH's for it saved?
It's up to you. Geohot has posted a message on his twitter page in regards to him not working on a new JB; whether or not it's just to get people to stop bugging the hell out of him, no one knows. DevTeam is hard at work as always, it's more than likely just a matter of time, but how long the wait is....would be anyones guess.
Its up to you.
There should a new JB for official 4.0 updated devices I hope soon.
In the meantime you can JB it now thats on 3.1.3 with spirit and install ultrasnow thru cydia to unlock.