We have come up with a Not so elegant solution. 

1. Install php-memcached, Now you have 2 clients side by side. 
2. Write with both the client, php-memcache(cA) and php-memcached(cB), cB 
will have a certain prefix. Read from cA.
3. After cache is warmed up.  start reading from cB. 
4. upgrade/change hash to cA. 
5. Let the cache warm up.
6. Start reading from cA. 
7. retire cB. 

But this would guarantee that the memcache is always available. 
 

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