If you go to Control Panel > Remove Software, you should be able to find and uninstall SP1 from one of the menus there (it's not in the first menu, I think you have to click on "System Programs" or something like that).
I had to do exactly that last night after a day wrestling with iTunes problems caused by SP1. For the record, these issues were:
1. iPod touch 4gen - started showing as corrupt in iTunes (I think this was down to sync issue, but I wasn't looking for issues when the trouble started - see below). Message saying that iPod could not be read and needed to be restored. Unplugged iPod from computer to review and found all music had been removed from the iPod.
2. Got iPod into recovery mode.
3. Tried to do a restore (many times!). Restore failed with error code 6, or on occasion simply froze half way
through restore process.
4. Successfully managed to restore the iPod to original factory setttings on a winXP laptop
5. Plugged back into Win7 machine and tried to do a sync. Sync froze after copying a few songs. It was like the
iPod itself forgets that it was in the process of syncing.
I finally found these forum posts related to issues like the ones I had experienced - all pointing at Win7 Service Pack 1.
I uninstalled Win7 64 bit Service Pack 1.
The problems have all gone away.
I have written to Apple with a version of this message, and maybe they'll reply.