you can upgrade to 4.1 without blob save. However, you have a 05.12 which is very valuable, so make sure to customs cook a 4.1 fw to preserve this baseband. Don't ever upgrade to apple official 4.1 fw, because if you do, your iPhone base band will also upgrade to 05.14.
The reason you can upgrade to 4.1 is that somehow this fw still being signed by Apple. It is weird and I do not have explanation for it.