I'm a bit confused. Do you have an iPad1 or and iPad2? You say you have a 2, but then you mention wanting to upgrade from iOS 4.2.1, which did not come on the 2.
If you do have an iPad2, then it's only possible to upgrade to 4.3.3 IF you have saved SHSH blobs for that version. Else, there is no way to do it. None.
If you have an iPad1, without blobs, there's no way either. However, you CAN upgrade an iPad1 to iOS 4.3.5 and then do a tethered jailbreak.
It all really depends on which iPad you have...
Marilyn