Windows 7 home prem. 7 32 bit, is this ok?

It should be fine, but if it bothers you you should be able to change it in Disk Management. You can change one of them to another random letter to free it up, then set them both to D and E in whatever way you desire.

:edit: Might be a bit noddy but anything that is set to reference a filepath within those drives will stop working!
 
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