Is there any point saving SHSH for iOS 5 for iPhone? Does the latest TinyUmbrella support iOS5 for iPhone or iPad? What else can I do to save SHSH for my iDevices?
Yes and Yes. There's a good reason to save SHSH for all iOS versions: you won't have to worry about not being able to if you accidentally update and wanted to Jailbreak your iOS device. The newest TinyUmbrella will in fact save your SHSH for iOS 5.
It doesn't take that much effort to run TU and the blobs take up next to no space so until somebody says so with 10000% confidence then it's better to be safe than sorry.