[CentOS] Replacing disk in RAID array with bigger disk?

I have to replace a disk in a RAID-1 array (LSI 1068 controller in an HP DL320 G3) and I assume it shouldn't be a problem if I use a bigger one? (going from 500 MB to 1 GB) The controller should just be able to build the same 500 MB disk as it did before, right? Now, if in a next step I replace the other, still smaller disk with a 1 GB disk, too, will the controller be able to build a 1 GB disk from that? If so, will the existing LVM setup be able to utilize that extra space or will it be stuck at the original 500 MB? I've never done this before, so I have no idea if this should work or not. Thanks. Also thanks for any other comments regarding the replacement process.

Kai