I would just like to bump this as a feature request.
Its already in the list
If I can "power off" all of the VMs residing on the HA target, can I recreate the HA target with upgraded cache using the old device and then just power the VMs back on with minimal downtime? Or is there a better way of doing this?
Yes, you can, but to be more exact you need to use the image files, not devices. Importunately jeddyatc is not 100% correct: as far as I understood he said that you can just remove/re-add partners (replicas) and specify new cache size in wizard. It should be done by removing all entire HA (keep the image files), and re-creating it. Jeddyatc, please correct me if I misunderstood you.