I strongly recommend that you do some serious research before trying iFaith, both within this forum and outside it. There have been many reports of problems from people trying to restore with the tool (including the latest version), though it has indeed worked for some, and the blobs it produces are ONLY compatible with that tool. You will not be able to use them with a more reliable/less buggy tool, such as Redsn0w. Additionally, blobs saved with each revision of iFaith may not be usable with the next one--that apparently happened with a number of people during one change. Another revision produced a lot of corrupt blobs that could not be restored from. In short, it's not the miracle it's made out to be, yet.
I'm not saying don't use it at all, because some have had a good experience with it. But just like most anything else related to jailbreaking, people who choose to use it really need to do their homework beforehand so they know what to expect and how to handle it if (when) something goes sideways.
Good or bad, if you use it, please do post how it worked for you. It's one of those tools that would be invaluable if the Dev ever gets it working consistently.