@NiLuJe - you are the man!
Whoop! It works a treat with FW 5.4.4.2
I can confirm ereader-palace instructions are correct when using 5.4.4.2.
For anyone else who struggled with getting a PW1 downgraded and CM working, here's the link to ereader-palace instructions:
https://www.ereader-palace.com/jailb...2012%EF%BC%89/
... and here's the link to FW 5.4.4.2:
http://david.smidovi.eu/kindle/firmware-updates/
Cheers.