Without blobs, it becomes a matter of what you want to do. AFAIK, the only thing iOS 4.3.4 did was remove the ability to jail break using JailbreakMe 3.0. Then, per Apple, iOS 4.3.5 fixed a security breach.
BUT - the odds are slim that anyone is working on a jail break for iOS version 4.3.5 at this time, which is the latest Apple release for the iPad. IMNSHO, "they" are focusing more on iOS 5, which is due out later this year.
However, if they have trouble with iOS 5, they may re-look at 4.3.5 to keep the iPad2 holders pacified until they can jail break iOS5.
So, my main suggestion to you is to install/run Tiny Umbrella to save the blobs for iOS 4.3.5. Then, you can decide which has better odds of receiving jail breaker attention: iOS 4.3.2 or 4.3.5. Then, you can either stay put or upgrade to 4.3.5. I know which one I'd pick...
All that to say - no one really knows what's going to happen. All you can do is roll the dice and hope you come out okay.
Marilyn