You cannot go to any release that Apple is no longer signing unless you already have shsh blobs for that release. Therefore at the moment that means the tethered 5.0.1 jailbreak is the only option you could use which you say is not suitable.
Hmmm… that’s a bummer. I’m having problems with netflix not workin on it and I think it’s probably down to the fact I’m running 4.2.2(4.3) which is pretty old now?