Yes, if the new disk is the exact same as the existing (but check the number of LBA's as even disks of the same model number can be different sizes) then you could use 'dd' specifying the raw disk...
As DN2 says, your V490 will only support the Solaris versions he states. If your CPU speed was less than 1500MHz then you could run Solaris 8 but with 1500MHz or more CPU that's not possible.