This how to tether on 2.3.4, and yes it works on stock and custom ROMS! 
open SQlite editor or (download it from 4shared or the market) and scroll to Settings Storage (com.motorola.android.provider.settings)
2. click settings.db
3. click settings
4. go to Line labled Entitlement Check with a value of 1 *EDIT* (People are reporting different line numbers based off build etc, JUST Find "entitlement check")
5. Change value from 1 to "disabled" (without quotes)
6. reboot
7. enjoyer on 2.3.4 here is how
Enable tethering on Motorola Atrix 4G after 4.5.91 update | NutshellTek
credit goes too

open SQlite editor or (download it from 4shared or the market) and scroll to Settings Storage (com.motorola.android.provider.settings)
2. click settings.db
3. click settings
4. go to Line labled Entitlement Check with a value of 1 *EDIT* (People are reporting different line numbers based off build etc, JUST Find "entitlement check")
5. Change value from 1 to "disabled" (without quotes)
6. reboot
7. enjoyer on 2.3.4 here is how
Enable tethering on Motorola Atrix 4G after 4.5.91 update | NutshellTek
credit goes too