What;s involved with replacing / eliminating a failing hard drive in a RAID 0 ? Hours??

Taking on a new client that has a Dell PowerVault MD1000.

(see https://www.experts-exchange.com/questions/28555938/What's-involved-in-managing-a-dell-powervault-MD1000.html for another question on general administration of that device).

1 of the drives is flashing green / amber.  That seems to mean that SMART has been triggered.

So what to do?!

It's 6+ years old.  

1) replace that drive, but they are not using hardly any of the storage capacity, so I say no to that.

2) Just say screw it and eliminate that drive. But the array is RAID 0 (yeah, stupid, right?  it's raid 0 across 12 drives. they couldn't afford to do raid 5 and lose one drive to parity?

Anyway, I think this is an issue of backup the 40GB of data on the several TB of storage (told you, they aren't using much of the storage), remove the failing drive and recreate an array (this time raid 5?!), then restore the data.  Right?

any thought on the time involved on-site for this to be on site for billing?  Backup the data remotely to another share, then be onsite to turn off the box, remove the drive, turn back on and create a new array?  time to initialize that?  Then restore the data remotely?

  I just want to know if initializing / formatting 3TB of empty drive takes minutes or hours.

thanks!