Or if Elizabeth manages to hang on to Henry VIII's solution - a Roman Catholic church, without the Pope. That would need some significant PODs during Edw VI's reign, but if Henry had devoted more attention to what would happen during his son's minority it might be possible. Edw VI follows in his fathers path , instead of being "captured" philosophically by the reformers. Then Mary's changes are basically limited to reinstating Papal obedience, Elizabeth restores the Supreme Head on Earth claim.
Neither Philip nor his father had so much love for the Papacy that they would be horrified by such a position.
(I don't suppose there is any way to get any of them to convert to Orthodox ? )
Yeah Orthodox is out of the question but a semi-catholic England wouldn't be out of the realm of acceptance by Catholic Europe. Compared to Edward VI I feel that Europe would the Catholics would breath a sigh of relief. A better idea would be to have Henry more invested in making sure both Edward and Elizabeth were brought up Catholic or at least his version of Catholic, that way a Moderate Catholic Elizabeth would be possible. It would also lessen the threats to Liz during Mary I's reign if she is a devote semi-catholic instead of suspected protestant. Also, people tend to forget that it was Philips influence that kept Elizabeth from being excommunicated during the first decade of her reign. So it is certainly possible that,with Elizabeth semi-catholic, Philip would help keep Elizabeth from being excemunicated and causing a final breach between her and the English Catholics.