I can't answer your question directly, but I'd not recommend what you're considering.
There are different types of RAID setups. The one I think you're talking about is called a +*Mirrored RAID set+* or +*RAID 1.+* The same data is written to two (or more) disks, so if one fails, the other has all your data. I've never used this on a Mac, but yes, the whole point is if one fails, you'd no doubt see an error message, but your system keeps right on working.
This is normally used for a primary drive, not a backup drive. If you want dual backups, it's much better to use two independent drives, with two independent backups. One excellent strategy is to use one drive with TM for a week or so, then take it to your safe deposit box, relative's house, workplace, or other secure off-site location and swap it for the other one. About all you have to do is use the +*Change Disk+* button in TM > Preferences, and try not to go more than about 10 days between swaps.
Another strategy is to use TM with one drive, and a "bootable clone" to another (or a separate partition on the same drive). That way, you get the advantages of both types of backups, including the ability to boot and run from the "clone" when your internal HD dies, rather than wait for it to be replaced and restore your TM backups to it.
It is possible to move the backups from the existing TM drive to the new one, so TM can just keep doing backups (without starting over). See item #18 in the
Frequently Asked Questions *User Tip* at the top of this forum.