I have my plugins installed on my C: Drive Programs/cakewalk/vstplugins/ and the application and other files on my D Drive.
My C drive is a small SSD drive and my other D Drive is a 7200rpm 1gb drive.
I notice no performance problems with my configuration, no latency etc.
However with this configuration I have noticed that my C Drive is filling up rapidly with all the plugins I install and I have had to manage the drive space a LOT.
sometimes huge sample libraries that I am using with PLAY (EastWest) or Kontakt libraries sometimes I will have a bit of latency with playback cause my samples reside on my D Drive and are on a regular SATA drive.
in general, no real problems putting Cakewalk on non SSD that I have experienced.