Hi,
The following url provides you with solution/detail steps on how to upgarde your PIX/ASA in active/passive failover mode.
You can upgrade the both units with minimum downtime, as the upgrade process will take advantage of the failover processes to upgrade each of the firewall unit.
http://www.ciscotaccc.com/kaidara-advisor/security/showcase?case=K73545150
You can upgrade one unit at one time to v7.0.4 without really distrupting your firewall services.
This is possible as the standby unit with existing v7.0.4 will take over firewalling tasks while waiting for v.7.0.5 upgrade processes to be completed on the other unit.
Rgds,
AK