That's exactly what I did. My Paperwhite arrived with 5.3.3. Downgrade to 5.3.1, install jailbreak, upgrade back to 5.3.3, install Kindlet developer certificates, install Rescue Pack, done.
Originally Posted by ixtab
This jailbreak cannot be installed on newer firmware versions (thank you Amazon, for yet another middle finger!). You have to downgrade to an older version (e.g., 5.3.1) first, install the jailbreak there, then update to the new version. The jailbreak as such will survive the update (but you have to reinstall the Kindlet developer certificates and the rescue pack - see the "re-installation required" notes below).
The Kindlet developer certificates
. (standalone installer package here
The Rescue Pack