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1) The hard drive on my PC is just standard SATA and I was wondering if replacing it with a SSD would improve the latency in Reaper.
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No. At least not "directly". The monitoring path doesn't go through the hard-drive.
There is a slight-chance that the hard drive is a bottleneck so faster drive might allow you to get-by with a smaller buffer (lower latency) but I'd say that's unlikely.
...Your Scarlett has a "direct monitor" button which should give you zero-latency monitoring.