I create SUBST drives like this: SUBST S: C:\DRIVES\DRIVE-S
If you want to delete files in SUBST drives, but want the peace of mind that you can undelete it if needed, instead of deleting the file from the virtual drive, example: Drive "S", delete it from the actual folder, example: C:\DRIVES\DRIVE-S. It will go to the Recycle bin.
If you like to put shortcut icons for your virtual drives on the desktop, don't make the shortcut of the virtual drive letter, make it of the actual folder like above: C:\DRIVES\DRIVE-S. You can right-click on the shortcut folder icon, select: PROPERTIES, then select: CHANGE ICON, and choose an icon that looks like a drive or whatever you want. That way if you delete a file using the shortcut, the file will go to the recycle bin.