Actually your concern with the SR partition on your 120 GB SSD boot drive is misplaced. You certainly DO NOT want to delete that partition on your boot drive (even if you want to, the system will ordinarily prevent you from doing so), and there's really no need to remove the F: drive letter assignment currently assigned to that partition. If, for some unusual reason, you have a need to "reserve" the F: drive letter for some other device that you may be planning to install on your PC you can go ahead and remove the current F: drive letter.
What you might be focusing on is your 500 GB secondary drive. I assume that this drive held the OS at one time or another and that accounts for the recovery & system partitions currently residing on that drive. I assume there's no need for those partitions at this time so you could consider deleting them. On the other hand, perhaps there is a viable OS installed on that drive that you wish to retain so if that is the case you would not want to tamper with those partitions.