I would wait before I went through all that hassle. Guess it depends on how bad it really is. If you simply cant deal with it anymore then by all means wipe and restore. I hear that the update is coming in April though but who knows?
Dennis
Have you wiped the cache in recovery? I would try that first.
1. Turn the power off.
2. Press the volume up+home+power keys until you feel the phone vibrate.
3. Release the power and home keys but continue to press the volume up key until you enter the Recovery menu.
4. Use the volume up or down keys to navigate and the power key to select the 'wipe cache partition option.
5. Select 'Reboot' when done.
I wouldn't consider that allot I had 8gb of cached apps and my phone slowed down like a flea on a turtle. I called att because it was running slower than normal and they were completely SHOCKED!!! To see that I had (according to them) maxed out the cache storage.