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The Kindle Collections plugin for calibre will export collections to the Kindle as a JSON dump, and barsanuphe's LibrarianSync hack will import them into the Kindle's collections database.
It should work on pretty much any recent Kindle, I am sure it works for the PW3 as well.
And the jailbreak is expected to survive through a firmware update (but not guaranteed. Amazon might do something new one day.)
But downgrading the firmware is not possible on a PW3. The PW3 is a newer model than the PW1 or PW2 and never ran fw5.4.x
Updates are model locked, which is fortunate because you will most likely brick your Kindle if you try running a firmware that wasn't meant for it.
The only current jailbreak for the PW3 (or the Voyage, or the KT2) is the serial jailbreak described in the relevant sticky thread here.
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