You cannot "Erase Empty Space" in lion on a drive you have booted from.
For instance, on my 2011 MBP, i cannot Erase Empty Space on the SSD i boot from, but my internal secondary 500GB HDD i can.
You can try booting from your SL DVD and open Disk utility from there.
As long as TRIM is enabled, you're fine, you do not need to worry about this.
Hmm, well I remember that I could erase empty space before but whatever.