It doesn't look like that to me. Judging from the HP Documentation you linked to, if you get a replacement drive, the Server Recovery mode should do the trick for you. However, your mileage may vary.

OS X Time Machine support HP Media Collector MSRP of $699 Review: If you’ve been following along with previous versions of the HP MediaSmart Server, you know what the device does.

There was a buzz earlier this year about HP’s MediaSmart Server LX195, a network-attached storage (NAS) device you can use to store music, videos, and more on your home network. Its intuitive ...