No it won't work - at step #3 the unit will attempt to rebuild the 1.5TB array to the 500GB disk and return an error indicating the replacement disk is too small for the rebuild.
You have a couple of options ...
- the first of these is to backup the data from the existing 500GB array (if you don't already have a backup - which, by the way, you really should), then replace the drives and create the 1.5TB array, followed by a restore.
- the second option would be to remove a drive from the DNS-323 and connect it to a PC and either mount the drive in linux or in Windows with an installable file system driver, and then install the 1.5TB drives and create your array before transferring the data over.