I wouldn't replace the HDD unless you want to upgrade the storage capacity. HDDs are pretty much reliable and no matter how old it is, it should be fine as long as you haven't dropped your PS3 and it's not showing any signs of malfunction.
Originally Posted by acekaze
You can always replace your HDD if it dies while on Rogero 4.40, HDD can be swapped/changed and the CFW will re-install without any problem. Source: Tortuga Cove • View topic - Rogero CEX-4.40 v1.03 with ToolBox/StealthMAN and ReactPSN offline Patch
It was only the early Rogero 4.xx CFWs that had problems re-installing when replacing the HDD.
CECHL 500GB: OFW 2.50 > OFW 2.76 > OFW 3.41 w/ dongle > OFW 3.55 > 3.55 kmeaw > Rebug 4.30.1 > Rebug 4.30.2
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Off to my summer vacation, might be AFK for a while... Happy Summer!