As per recommended practice, on a new server that I have created with SQL Server 2016 Express SP1, I am trying to move the system databases OFF the C: drive onto E: and F: drives (the MDF's onto E: and the LDF's onto F:). Is this possible with the EXPRESS version of SQL Server?
You should be able to move the system database for Express just like any other edition. Move System Databases contains very straightforward instructions on the steps required to move the system databases.
For future reference, you can specify the storage locations of the system database at install time and save yourself some time.