Resizing raid-1 on replacing failed disk

I would like replace a failed disk in a raid-1 with a larger disk - and 
ultimately increase the size of the array (and ext3 partition) by 
subsequently adding a second larger disk in lieu of the currently active 
one.

I am hoping someone will scan the following and briefly reply: "this 
looks ok" or "you forgot step(s) X" before I commence.

<disclaimer>
I have read the software-raid-howto, list faq, mdadm man pages and 
trawled this mailing list to try to ensure I am not posting a question 
that has been answered before. If you believe that this topic is well 
covered elsewhere, please smack me up and post a link.
</disclaimer>

Currently:

kernel: 2.4.18
mdadm: 0.7.2-2 (version reported by dpkg)

# mdadm --detail /dev/md0
/dev/md0:
        Version : 00.90.00
  Creation Time : Sun Dec 23 05:46:51 2001
     Raid Level : raid1
     Array Size : 39078016 (37.26 GiB 40.01 GB)
    Device Size : 39078016 (37.26 GiB 40.01 GB)
     Raid Disks : 2
    Total Disks : 2
Preferred Minor : 0
    Persistance : Superblock is persistant

<snip>

    Number   Major   Minor   RaidDisk   State
       0       3        1        0      active sync   /dev/hda1
       1      22        1        1      faulty   /dev/hdc1
           UUID : 3e9f6b0c:e3c4d3cc:761130b2:d4f74686

Plan:

- backup
- physcially remove the failed disk
- physcially replace the failed disk with a larger disk
- add the new disk to the array and allow to resync
- fail and remove the active smaller disk
- physcially replace the active smaller disk with a larger disk
- resize the ext3 partition

Help:

Could you indicate whether this is possible with the listed kernel and 
mdadm version before I kick off?

Thanks and regards,

   matt