I think that should work, but do note that mdadm isn't present in rc.sysinit, so your mirror will not pop up at boot time. If you want / need it at boot, you'll need to create an /etc/raidtab that's compatible with the older raidtools or add the correct mdadm commands to rc.local to have it mounted as part of the boot process. IIRC, this is remedied in RHEL4.
If information this is wrong, some one please tell me :)
Regards, Stephen
RHEL4 Release Notes http://www.redhat.com/docs/manuals/enterprise/RHEL-4-Manual/release-notes/as-x86/