Yes you can do that, but if you do be aware it's illegal at all. Even a ppf would be as it will contain the binary data just in a diffrent form.

whats ppf?....i know it's illegal but we both know someone will start uploading to a torrent....and the other rest of the world will start doing the same! in no time!

We have come very far in progress with iPhone however with this step we have as one could say opens pandoras box. If the torrents become flooded with custom ipsw"s then we could not only be looking at brick city but brick country seeing as how it could contain malicious apps or patchs that could possiblely render the phone inoporable. Of course I am speaking in therory

pwnage is legal as long as the tool or any ipsw's arent redistributed containing apple's copyrightten files. thats why there was a delay with the release of pwnage tool; it contained the copyrightten retro apple logo, bootloaders etc. patching an ipsw and redistributing it is illegal, which is why pwnage requires you to make your own, and doesnt ship with the patched ones pre-made.