A friend has a 3gs running 4.0.2 and it's currently playing up.
He wants to do a back-up and a restore on it but doesn't want to update to the newer firmware because he want to jailbreak it.
In short, you can only get your SHSH's for firmware that still being signed. Therefore, if you don't already have the SHSH's for that particular phone, the only firmware you'll be able to restore to is the newest one.