Playing devil's advocate for a moment...No restore on a locked phone is a great measure. If its locked, its locked for a reason...and thats to keep you out. No workarounds (via restoring to bypass the lock) and all the exploits that i know of have been patched over granted the phone is 2.2.1 firmware.
If a phone is locked, there is NOTHING you can do but enjoy looking at it, maybe clean it, cuddle with it, use it as a mirror, or use it as a paperweight. Some could even go as far as to "profile" or pose like they have an iPhone even tho they know it dosent work.
A locked phone connected to iTunes wont do anything. U cant restore it, jailbreak it, tether it etc. No calling out, no ipod(i think)... no nothing. The only thing it will do is connect to edge, or 3g, receive calls and charge. Mistype the passcode a few times and i think the phone memory dumps itself and you're SOL.
So you cannot even put the phone in DFU mode and restore?