Oh man, totally forgot about the iPod Touch! That's my next handheld thing to hack. What's your specific purpose for downgrading?
Should be able to do it from iTunes. If not, I'm sorry, haven't used it in a while, bloody uninstalled Quicktime, which made iTunes useless. Stupid iTunes.
Speaking of which, there IS a iTunes function that lets you reset it back to factory. Good luck with finding all of the firmware files, because it will just try and put in the most recent one. It doesn't update in steps so you'll have to manually do it.