The way I see it, you have 2 options. Attempt to build parity with the failing drive2 included, followed immediately be replacing drive2 and letting it rebuild from parity, or use the ddrescue to clone as much as possible from disk2 to a new drive, then use that new drive as disk2 and build parity from that set.
Since both paths end up at the same place, I think ddrescue is a much better option since it's designed to handle failing media, where the parity building process asks for the data and if the drive doesn't immediately provide it, it gives up and moves on. ddrescue utilizes a bunch of strategies to cajole the drive and extract every available bit.
How much would losing the data on drive2 hurt? If you have full backups and it's just a hassle, then I'd be tempted to give the parity build first a try. If you don't have good backups, ddrescue gives the best chance of intact recovery.