QuasiDisk, if you happened to grab it when it was still in the App Store, allows you to tether without jail breaking your iDevice. However, it was previously only useful for laptop to iDevice tethering because it can’t create an adhoc network.
In a pinch, you can now use it for tethered browsing via Bluetooth.
Software:
QuasiDisk
Bluetooth Share (on both devices)
iCab mobile Browser
Steps:
On both devices turn Bluetooth on
In iCab settings on your iPad, put your QuasiDisk proxy settings for http in the Proxy section
Open BT Share on both devices
Pair the devices via the Bluetooth option in the bottom right
On the iPhone switch to QuasiDisk, turn it on
On the iPad, switch to iCab and browse away, now tethered
The downsides are that it’s browser only, QuasiDisk times out occasionally needing to be restarted, and the Bluetooth connection drops if it’s not active.