PowerEdge SC 1420 Perc 320 RAID ARRAY

Last night my ARRAY0 in my PowerEdge SC1420 using a PERC 320 card showed a degraded status on reboot.  The machine was running fine earlier in the day serving my home network.  The degraded is ARRAY0 of two arrays.  ARRAY0 is in the server box and ARRAY1 is in the disk array.

When I reboot and initiate the RAID utility and select Manage arrays, then reject changes, I can see both Arrays that I have in RAID0.  I can also run the disk utilities through completion on the ARRAY0 in question with no errors found.  I only get the manage arrays menu item since I rejected the changes.

I have check all connections and rebooted with each drive disconnected, but since this is a RAID0 it will not boot.  I see all the disks in each array using the utility, and I can run the check disk utility on all disks.

My question is if I boot and initiate the RAID Utility, select Manage arrays, accept the changes;  If I select the menu item Initialize Array and select the two disks in the array, will I erase all data on the disks?

If does erase all the data, does anyone have a suggestion for correcting my degraded array problem?

I have planned on getting a new server next year and reconditioning this one with new SATA drives and moving the SCSI drives to the disk array.

Thank you

Joe