Drop and restore PostgresSQL database without losing settings
If you are concerned about your logfile and the postgresql.conf, just do a file system backup of them before running initdb.

If your database did suffer from a harddisk corrupted then it is probably advisable to run initdb to make sure everything (including the system tables) are re-created properly. 

As the configuration files are just plain text (as are the logfiles) you can simply copy the backup over into the new data directory after running initdb.

(Note: I don't know what pg_dropcluster does. It is not a standard Postgres tool)