In turn, if you downloaded from HP then assuming it's the same update you can forget the MS one. If you are in any doubt just install the MS one but the simplest way is to right click on the MS update and choose hide. You will not be bothered again but if you wish you can reveal it again.
SP1 is another matter. Firstly it is coming out in phases so it may be a while for you. Secondly the SP1 will NOT be offered to you if the system detects you have a problematic issue such as a driver. Once the driver has been fixed it will be offered to you by MS updates and then so will SP1.
It could be that if the driver is the one you need to accept then SP1 will then be offered.
If it was me I would accept the MS update and see how it goes......