Steps that I used to downgrade my iOS device without saved SHSH Blobs
This is to Restore an iPad 1st Gen from iOS 5.1.1 to iOS 4.3.3
First you will need to download four items.
Step 1
1) sn0wbreeze-v2.7.3 (I know that the newest version will work but this is the version I used when doing this.)
2) iPad1,1_4.3.3_8J3_Restore (or what ever device you are trying to restore)
3) iTunes (The current version will work)
4) Tiny Umbrella (To save SHSH Blobs once you are done downgrading)
Step 2
Make sure you add this line to your hosts file
74.208.105.171 gs.apple.com
Step 3
Run the Sn0wBreeze.exe. Hit Ok and then Close Credits button. and then hit the next button.
Step 4
Either drag & drop the iOS 4.3.3 firmware file in the given box or hit the Browse button and select the iOS 4.3.3 IPSW file for your iDevice.
Sn0wBreeze will identify the IPSW firmware file. When done, hit the next button.
Step 5
Select the Expert Mode, Hit next button, then select General and hit Next.
Step 6
Now select the Build IPSW option and hit next.
Sn0wBreeze will start building custom firmware to jailbreak your iDevice. Since the building process takes several minutes to complete, you can either choose to play PacMan or stick with the Spinner.
Once Done! Hit the OK button. (Custom firmware can be found on desktop)
Step 7
Now follow the Sn0wbreeze instructions to put your iDevices into Pwned State. Sn0wBreeze instructions are important to follow because this will put iDevice into Pwned DFU state NOT the simple DFU mode.
Hold Power + Home buttons for 10 seconds
Now release the Power button but keep holding the Home button for 10-30 more seconds
Your device should now be in DFU mode
Sn0wBreeze will prompt you once youre into Pwned DFU state.
Step 8
Now open iTunes, Hold down the Shift/Option key and hit the Restore button.
Browse and select the custom firmware that we just created, from the desktop.
iTunes will start restoring iOS 4.3.3 on your iPhone/iPad/iPod Touch/Apple TV 2G. Once done, your iPhone, ipad or iPod Touch will be running iOS 4.3.3 jailbroken untethered.
Step 9
Once your iDevice comes back up you will notice that it is a jailbroken 4.3.3
Open Tiny Umbrella go ahead and save your SHSH Blobs(For future downgrades if needed.)
Step 10
After you have saved your SHSH Blobs you will now restore your iDevice again. This time using the IPSW 4.3.3 that you downloaded at the beginning. Your will now restore to an unjailbroken iOS 4.3.3
I can provide links if needed.