The important thing is to have a backup of the NOR. As I described in a previous posting, it's possible to really screw things up if you erase the SysCfg section of the NOR. If you do that, the iPhone OS will refuse to boot at all since iBoot cannot properly populate the device tree for the kernel. Since restore ramdisks rely on XNU booting, this is Bad News Bears. In addition, the SysCfg section is device specific, so if you do not have a backup, it will be difficult to ever completely recover from erasing it.
Therefore, before you proceed, MAKE A BACKUP OF YOUR NOR. openiboot can do this for you (and subsequently restore your backup if things go wrong).
Load openiboot via loadibec and select the console. Connect with the oibc client. Type in: nor_read 0x09000000 0x0 0x100000
This will read all of NOR into memory. Then type: ~nordump.bin:0x100000
This will transfer the dump over USB onto your computer and save it as nordump.bin.
Supposing you filled the entire NOR with garbage somehow and are unable to boot. You have to get into openiboot to restore the NOR. The problem is that openiboot is only designed to operate in a post-LLB or post-Recovery Mode context, so it cannot be directly booted from DFU mode. Basically, you've got to load a pwned WTF, then a pwned iBSS, and then a pwned iBEC (all of which is available from a custom IPSW). After that, you can use loadibec to load openiboot. Then, you can restore the NOR thus:
nor_write 0x09000000 0x0 0x100000
After that, you can reboot and everything should be normal.