Yes, it's possible to get this in to 4.7.
Actually, it's a fair amount of work - there's no 'reconfig' provision in RHEL4 rgmanager. It'd take a couple of days to backport it.
Pushed to RHEL4 git branch
An advisory has been issued which should help the problem described in this bug report. This report is therefore being closed with a resolution of ERRATA. For more information on the solution and/or where to find the updated files, please follow the link below. You may reopen this bug report if the solution does not work for you. http://rhn.redhat.com/errata/RHBA-2008-0791.html