Nope, dont follow what you have suggested :-)
if you do a vgcfgbackup and then vgreduce, it effectively overrides the conf file in /etc/lvmconf, though it keeps a copy of the old configuration.
1) Shutdown and replace the drive
2) Boot the system
3) VG may not get activated if the quorum is not present
4) vgcfgrestore -n /dev/vg01 /dev/rdsk/cXtYdZ
5) vgchange -a y /dev/vg01
6) Create the filesystems on the new disk
newfs -F vxfs -o largefiles /dev/vg01/lvolXX
7) mount the lv
8) restore from the backup
- Sundar
Learn What to do ,How to do and more importantly When to do ?