It should work for you. What it will do is essentially the same process I described. When you insert the replacement drive and implement the Replace Member it will then fail the Hotspare and then start the rebuild on the replacement. 
I just received the replacement disk(146GB) for one of the failed RAID 1 disks. I would like to know what's the best approach to replace the failed drive with the new one(same size) now that the hot spare drive (300GB) is being used by the raid. I would like to reclaim the bigger drive and re-assign it as a global hot spare, per the original configuration  Can this be done without taking the server offline? Here's my config: T710 server ( 8 disks - 4 X 146GB, 4 x 300GB) PERC H700 integrated  2x146GB disks - RAID 1 2x146GB disks - RAID 1 3x300GB disks - RAID 5  1x 300GB disk - HOT SPARE Thank you.
replacing a failed RAID 1 disk in PowerEdge T710