iReb leaves the iPad in a state where it can't tell the difference of a custom FW. So, in theory, a more powerful iReb could leave the iPad in a state of complete apathy, causing it to accept any FW version.
The hard part though, then, would be to get iTunes to activate it on versions where you don't have blobs...
Nope. I still think you think that iTunes does a lot more than it does. It does almost nothing. It's a middle-man as I said before. If it was possible, after 4 years, we would have something that did this already. You have no idea how much motivation there is to be able to downgrade the baseband on an iPhone and we are not able to do that.
Think of the iPad like a nightclub. To get in, first you need to get through the outer door to get into the foyer. Then you need to get out of the foyer and through the main doors into the club. The outer doors are protected by a doorman. The inner doors are protected by an automated ticket scanner.
iReb is really good at distracting the doorman outside the club because he's fallible (he has a bug in his bootrom), but iReb cant do anything about the ticket scanner inside because the machine is inside the club and no matter how much iReb tries to distract it, it simply has no effect.
That's the reason SHSH Blob security can't be broken. It's really easy to load a custom firmware (fooling the doorman), but even a custom firmware needs valid SHSH Blobs (a ticket to get in). No matter how sophisticated you make iReb (or any piece of software on the PC) it CANNOT change the hardware inside which checks the ticket, and it's not like the bootrom which contains bugs, so there is no way to pwn it.
The only way we should ever get past the ticket scanner is if someone discovers Apple's private encryption key. This is pretty unlikely as it is never broadcast anywhere for us to see...
That's probably a totally over simplified way to look at it, and there are probably more holes in that analogy than there are in IOS5, but it gets my point across. pwning the iBoot process is not enough to defeat the signature checking, no matter how sophisticated you make the program.
Another way to look at it is like saying you intend to defeat a servers SSL encryption by modifying your copy of Internet Explorer. Although Internet Explorer is involved in a secure server transaction, you can't just defeat it by changing it to your will... Security just doesn't work like that. If it did, we'd all be losing all our money every time we made an internet purchase...