I think nothing will happens because with ienew(ieraser) you will try erase only bbfirmware and 1.1.3 FW needed to cheat BL to work (if secpack allows it; so nothing; you dont have 1)
Secpack is like you know; a file that authorize baseband upgrading. Inside this short file is rsa crypted header where are hidden checks (signs) for validate BB firmware to update and not downgrade
Geohotz A17 point cheats BL4.6 to check on one or two areas which we erased with ienew (0xFFFFFFFF) which contains "flash block locked" flag or similar.
That address or addresses in NOR flash are readed, for example in 0xA0000020 and 0xA00003FF and our cheat increase adresses by 2^17(0x20000) and make points BL4.6 to check data in address 0xA0020020 and 0xA002003FF which was previously erased and means 0xFFFFFFFF no lock on that block... THAT EVIL

BLOCK where is stored BL and new BL3.9 are flashed there.
I think that mechanism Geohot uses to downgrade BL!
So probably answer on your question is:
you wil not erase anything cause you cannot validate (no secpac) updating of BBFirmware even on first step - ienew!
maybe you fk a little yor 1.1.3 fw but you will not allowed to touch BB fw and BL
:p
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