I am thinking of restoring to 1.1.2 to get the new baseband and the downgrade to 1.0.2, unlock and stay there.

I liked the custom Norwegian keyboard alot better that the original one on 1.1.1, so if I get a 1.0.2 iphone with new baseband for sms-fix I would be happy.

Will this work?

Yes, I tried it once on an upgraded then downgraded phone, used anysim 1.2, call in/out, sms in/out, gprs all fine, but I heard many complaints on the anysim 1.2. So I finally restore to 1.1.2, use my SilverCard for now, and wait for an official release.