No, it is not that simple.
I think that has already being covered, and the procedure is similar to fixing a degraded RAID1 array, see
But now you have to do that for two (or three) disks, one at a time -- that is going to take a lot of time on a DNS-323, as at each disk replace step a full RAID5 rebuild will be done... and the failure of a disk (a single bit, in fact) at this step means data loss.
On the event of a real initial disk failure, not your case, and as usually disks for a RAID5 are bought together from same manufacturer and fabrication lot, then the probability of a second disk failure increases. That's why RAID6 appeared.
From the logs there have been only a couple of minor modifications on the RAID webUI since 4.0, and they regard creating new RAID devices.
Start with the 1TB Array. If you intent to do a backup first, then the possibly faster route would be to create a new fresh RAID after the backup being done and filling the new RAID from the backup. The backup and restore through the network (use *plain* ftp if at home, its faster) will also take ages, but that are two steps, against three rebuilds.
Thanks
Al