Well, no one's going to know for sure until the phone comes out unless they work for Apple, and then they are not going to say.

My guess is that it won't work. I can't do that from my current bluetooth enabled phone. I can connect the phone to my Mac using bluetooth, and use it as my internet connection, but not the other way around. I can connected to my palm and use the Palm as the browser with solves your toilet problem. The phone expects to use it's data services when the browser is launched (or any other data application running on the phone, there's no way to tell it to try to get the data over the blue tooth connection).