"Ok, that being said... Would I be able to get up and running with the main "Mac HD" and "Recovery HD" again?"
The RecoveryHD is just a partition on the hard drive. If your hard drive "goes", so does your recovery partition.
Just wondering, are you currently backed up? Do you have some kind of external backup/boot source?
If not, can you spare a little money?
I'd suggest one of these:
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias=aps&field-keywords=usb+sata+dock&x=0&y=0
(some can be had for only $20 or so -- I suggest you get one that's "USB3" for future compatibility)
And then scrounge up a "bare" SATA hard drive (either buy a new one, or perhaps you might just find one someone wants to sell cheap or get rid of).
Put the drive in the dock, hook it to the iMac, turn it on, initialize it with Disk Utility.
Then download the -free- CarbonCopyCloner app from:
http://bombich.com
It's one of the best pieces of Mac software out there, easy to learn and use.
Use CCC to "dupe" the contents of your internal drive to the docked drive. You can even boot from the docked drive by restarting, and immediately holding down the option key (and keep holding it down) until the Startup Manager appears. Then select the docked drive and hit the return key.
Having an externally-bootable exact clone of your internal drive is the BEST "recoveryHD" you can have, bar none. Sooner or later you are going to have a "moment of extreme need", and it will be what you reach for to get going again in the matter of a couple of minutes....