I have tried it, but my iPhone boot loader version is 5.09 and this downgrade only works with 5.08. so its of no use to me.
its available in cydia under iclarified. and now the process is very easy but for only those who ahve 5.08 bootloader.
You can still try it. if it works it means that u are lucky to have 5.08 bootloader. if your bootloader is 5.09 the downgrade will still run but it will not effect the baseband.