Is there a better or faster way to do this?

I have a RAID 1 array composed of two 250GB HDDs using the Intel ICH9R controller. Both member disks are bootable (WinXP), but one has failed, (according to the Matrix Storage Console).  An exact replacement for the failed HDD is no longer available so I have purchased two 500GB drives. 

I want to be up and running ASAP so I plan to proceed as follows:

1. Do a full backup of the surviving disk
2. Create a new RAID 1 array (500GB) via the ICH9R and the WinXP install CD
3. Copy the contents of the surviving disk to the new RAID

What do you think? Is there a better or faster way to proceed?

- rsa