Great start! Those are two very good cards.
If I know I'm not going to use the card again, I would cancel it when the annual fee comes up. Just keep in mind that you have 30 days until AFTER the annual is posted to cancel with a full refund. If you spent a good amount of money on that card, always try to ask if there anything they can do for you to keep the card. Chase isn't very generous, but they do sometimes waive it or give concessions.
The Sapphire Preferred offers 2x on Travel and 2x on Dining and has no exchange fees while traveling. Also you have to have this card (or Ink Bold) in order to transfer to airlines. So you need to transfer Chase Freedom points into the Chase Sapphire account before you can transfer to United for example.
This makes it worth keeping the Sapphire Preferred since its such a useful card. You can take advantage of all the 5x bonus quarterly categories of the Chase Freedom, transfer those points over to Sapphire Preferred.
However, 99% of the time, I always cancel when the annual fee hits. Sapphire Preferred and Ink Bold are the exception for me but only because I travel so much and like to have both a fee free exchange VISA and Mastercard.
However, if you are planning to apply for the Ink Bold, then it you could cancel the Sapphire and keep the Ink Bold as an alternative strategy.
You can take advantage of ALL Chase offers once as long as it's advertised with a different name. For example, the Ink Cash and Ink Bold are 2 different cards and you can get the bonus for both even though the names are so similar.
So don't worry, some people have done every card chase offers! You just can't do the same card twice. However, we'll see if even that can be nullified if we wait 2 years or more. I know with the Citi AA cards, you can wait 18 months from approval, and apply for the same exact card.