Edited until some things are figured out.
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If you root the phone you can disable the upgrade notifications. Also if you have a HD/Maxx HD you can revert it to 4.0 if you wish.
Root is simple on 4.0, but be aware once you root, even if you unroot, they will be able to tell you were once rooted. If that was your concern.
Your best bet is to just download Matt's 1.10 utility. It has restore 4.0.4 and root all in one place.
[TOOL] Easy Root Komplete
I checked with Verizon and learned that even with JB I can get a free hotspot if I switch our two phones from "unlimited data" to a "share everything" plan.If I'm not mistaken, the only reason to worry about FoxFi is if you are on the unlimited data plan wherein you are supposed to pay for the ability to use tethering. If you are already on a tiered data plan then tethering is free/included on JB. The only issue is that it will go against the amount of data you're paying for.