ITunes update dumped library; now re-download of IOS update is going to take even longer?

To put this in a better perpective, I thought I had updated iTunes so I tried to install the new IOS update for iPad earlier (it only took about an hour to download) but it kept giving me an error saying I needed to update itunes in order to install... So, since I thought I already had it installed I uninstalled iTunes (since that's worked for me before) and tried installing it again, but that dumped my library (not a big deal since it's pretty much all on my computer)
The only problem is when I plugged my iPad back in to update again it started re-downloading the IOS file that I already downloaded earlier with hours to go. Do I really have to wait for it again, or is the file I already downloaded still there? (It's okay if it's not, or there's no way to use it... I can wait for the download, I'd just rather not find out I don't have to do this twice)

just like to correct: im on iOS 4.3.1 
also additional info:
- secondly i have restarted my phone and restarted itunes many times  & i have the latest version of itunes
- restarted everything again. i synced my phone for the fun of syncing hoping that might help although i didnt have anything to sync but anyway now its reduced the time & said "8hours remaining" but in the space of 10minutes went up to "11hours remaining" seriously? please help .
thanks

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