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No problem, I think that's the only way to do it. I upgraded to 4.0.1 myself then went back to 4.0, no difference other than the bar display/calculation as far as I noticed.
 
Can I restore from 4.0 to 4.0 in itunes if I mess up my phone?

No, you cannot restore any i4 or 3GS model to anything but the latest firmware thats currently out. Unless prior to that you saved your SHSH's locally or on cydias server.
 
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