that would work

i mannage to Downgrade my ps3 for 1 week ago!
But BEFORE you start, take a backup of your NOR/NAND with the flasher (when it arrives) and be sure its a valid backup. if you overwrite the backup with a bad one, then you can think yourself of what you done xD
And here you have a good tutorial on how to do it :
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if you for some reason getting blinking blue leds on your E3 Flasher when trying to downgrade. Then you need to unplug ALL the Cables (HDMI+ Power + E3 Station) then put the MicroSD card in the E3 flasher, choose modes on the flasher. Then you can plug your cables back in again

just tought i would tell you this due i had to do alot of research to find this out xD