So a friend dropped her iPhone 4 and cracked the whole front screen. She was talking to me asking my advice how she could get it fixed. In discussion she said she has never updated it! I about jumped out of my chair! I quickly grabbed it and looked and sure enough. Version 4.0.2 and baseband 01.59.00! I told her she should sell it and just buy a new one!
Ebay or Craigs it's really not that big of a deal lots of people on 4.0.2. or preserved baseband 1.59. Just FYI if she is still in contract she pays a non contract price for her phone 16GB $599-$699 32GB and a exchange at Apple cost $199 so that might be cheaper and less hassle. there are also places that repair glass cheap.
Even though it has baseband 01.59.00 its still an iphone 4 with a cracked screen so you wont see the normal higher prices that they sell for on ebay or CL. If she wants to keep using an iphone 4 she can have Apple replace it out of warranty for $200.