If you own a Mac, then you can go ahead and upgrade to 1.1.4, jailbreak and unlock NOW! Download the latest version of iNdependence, upgrade your phone with the new 1.1.4 firmware file and use the software to free it. Then you have to SSH installer to your phone to install 3rd party apps.
I might try this tonight. The thread in ModMyiFone shows a few issues so check it out if you plan on using this method.