Okay, I read around a bit and I saw people saying that if I downgrade I can jailbreak.. I have a 3gs laying around with iOS 4.0 is it possible that i can use the SSH blobs from it with an iPhone 4?
Nope, the blobs are phone-specific, not firmware-specific. You're in luck though, there are 2 possible jailbreaks being released in the next 2 days. So sleep on it and all will be well.