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No, you just need a working recovery.With this u would need a seperate SD card right?cause the phone won't be working after flash and won't be able to erase the pg86img file
That's all the more reason to do S-OFF with the RUU and the November OTA when you are comfortable with the process since that will allow you to install the March OTA with the ability to back it out if there are any negative side effects.However the cheese has been moved and there is a second OTA the effects of which are not completely known at this time.
No, you just need a working recovery.
It is safer in that respect to flash it via fastboot.
Yes, and that's the only way it will work if you changing bootloader (hboot).Is it safe to have S-off before installing the PG86IMG.zip file on the rootdirectory of the sd card?

Yes, it's safe to flash the file. If your radio has been updated to the March OTA Radio (1.09.0108), you will be downgrading your radio and some other firmware files in the process. You will also be flashing a fairly old copy of 4EXT Recovery.Hey, I'm sorry if I'm asking a dumb question but I've read through this thread and don't think I've seen someone ask it so ... I'm currently S-OFF, running TWRP v1.1.1 and 1.04 HBOOT and would like to switch to jBear hboot 1.50.5050 and 4ext touch recovery. Is it safe to flash the file in the first post? I figure the hboot is safe to change but would there be a problem switching recoveries via this method? Thanks in advance!
Wich one is the most current radio? 1.09.00.0706 or 1.06.00.1216
Also i see people saying : 1.06.00.1216 downgrading? im confused