Question about migration.

Greetings.

I have a postgresql database installed on a drive that's gone flakey. I'm
about to replace the drive, and wondering about one small point.

Is it safe to just shut down the database, tar everything up, replace the
drive, untar, and start it back up? None of the paths, etc, are going to
change, I'm simply remove one drive and replacing it for another.

Or should I go the longer route of dumping the databases, reinstalling
pgsql on the drive, initdb, and then load the databases back in from the
dump?

Opinions? :)

Sincerely, Warren