I think that's what I'm after...I'm doing this:
I'm just at the section just before Part 3 where it says:
After typing the “telnetd” command return to the root.apk app and press “Step3: Protect your root”. This step runs a script that will perform the SPL upgrade. If you see any errors, it means the telnet session is not open. Return to the previous instructions and try launching telnet again. If you are still having problems with Step 3, reboot your phone and try again. After the script runs, we need to reboot the phone to apply the update file.
Power off your phone.
Hold down the Home key and power the phone back on.
When you see the triangle with the ! inside it, then press Alt+L to display the bootloader options.
Press Alt+S to apply the update.zip file.
When the update is finished, you can reboot by pressing TALK+MENU+POWER.