Yes, you can install Windows on your 128GB SSD, format your HDD, and create 2 partitions on it; but you can't use the mSATA to cache the HDD since its no longer your boot drive. Use the mSATA as your F: drive.
When you install Windows on the SSD keep your HDD and mSATA disconnected until after installation is complete. Also make sure the port your SSD is connected to is in AHCI mode.
Thank you, Derek!
The 32 GB in the mSATA is not a lot but I could use it as the place for Windows pagefile if this would speed up my machine. I wonder though if TRIM is automatically run on all SSD drives (which mSATA is, if I understand it correctly).