Chances are 1 in 1000 it would work. I hear good things are supposed to happen once apple releases 5.0.2. The JB and UL community has held off on updates as they are waiting for 5.0.2 to come out.
The next update is going to be 5.1 unless there is some major bug that happens in between.
In any case, you need a saved SHSH blob if you want to downgrade to 4.3.3. If your iPod Touch came with 4.3.5 by default, it's 99.99% unable to downgrade.
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