Here's the steps and the time involved:
1. Back up database - 15-60 minutes, depending on size
2. Re-load system from new software RSD - 10 minutes (downtime starts here)
3. Re-format hard drive and install software from RSD - 45 minutes
4. License system, re-load to bring up on new software with correct options & dimensions - 10 minutes
5. Restore database - 30-90 minutes, again depending on size
6. Final re-load and initialization of Peripherals - 15 minutes
In reality, it's a good idea to make 2 backups to 2 different RSD disks before starting if at all possible, otherwise a bad/corrupted RSD could really screw up your day. Also verify that you can read and write to/from the RSD drive before starting, particularly if it hasn't been used in a while.