Right now I use SSD's for the LR catalogue, and if you have a large one like mine, it can feel sluggish at times. So putting on a spin drive will likely feel slow for me... You will be fresh starting at that point....Relativity Watson! :-)
If I were you, I would surely keep the 200+gb size for full C drive. With PageFile specially if you have full boat 32gb ram, and swap, plus other apps you might be wanting to test, you'll need it.
I have the Swap on 2 seperate SDD drives, and the PageFile yet on another SSD drive, and still need room. Your needs may vary.