The way to rollback previously was to have saved the previous iOS IPSW file and a backup of your iDevice from that particular version. However, iOS needs to verify your installation and since iOS 6 is not supported by Apple anymore once you upgrade to iOS 7, iTunes will throw up an error and you'll be stuck with iOS 7..
The iPhone 3 wasn't eligible for iOS 7 anyway, so that's not a problem. iPhone 4 is the last model supported, so while it works, it's not going to work the best. I have an iPhone 4 as well and it isn't nearly as snappy as my wifes iPhone 5 and her iPhone 5 doesn't compare to the iPhone 5S I saw at the Apple Store running iOS 7..
I was comparing things between the iPhone 5S and iPhone 4 and it's quite dramatic how faster the 5S is compared to the 4..