What would happen if Charles and Henry formed an alliance and declared war on France? I'd imagine that England would take most of the territory they had in the days of the Angevin Empire while Charles would seek to link his Spanish territories with the HRE and make his lands more centralized.
At this point, even in the event of a total and irremediable defeat of France, it was too late for both Charles and Henry to try pulling "My Little Space-Filling Empire".
England more or less switched its priorities from being a continental power to maritime in the latter century after having spent a lot of energy
in a basically unwinnable war, and wouldn't be that interested going back to the misnomed "Angevine Empire" (which was more of a feudal hegemony than a direct control).
It doesn't mean in the latest that Henry VIII would be uninterested on having holdouts in France or Brittany : you could expect very well the Pale of Calais being extended, Boulogne being definitely secured, harbours in Brittany occupied, and maybe (in the case of a total victory) most of English Gascony before 1453.
But, in spite of Henry VIII's aspirations (that he gradually gave up), there was no real way to assert mostly symbolical claims to France.
Charles V's ambitions are rather more known and more realistic : the Treaty of Madrid gives a working base there. Basically Charles V would have asked most of the Burgundian estates from Francis I, maybe up to Nevers and Somme's towns (on the latter case, maybe more of an occupation than annexation, but nothing unthinkable); and of course France out of Italy, Navarre and (again, in a maximalist victory, which is not that plausible) maybe Brittany.
In some respects, Philipp II had the same general ambition about France than his father : turning it from a constant pain in the geopolitical ass to a strong enough auxiliary in the region.
Eventually, neither Henry VIII or Charles V had a vested interest crushing France, the first because having a super-powered HRE on steroids wasn't a thrilling geopolitical prospect, the second because he couldn't afford to spent this much ressource (let's remember that, while being deprived of most of the same ressources Charles V had at disposal, Francis I hold his ground relatively well, totally ready to bleed Turkish treasury white if he needed to) and especially while he had to fight French, Protestant, Papal, Ottoman and whatnot at the same time.
While a maximalist victory of England and HRE isn't impossible, and not the most implausible happenance, it would be hard to reach and would more likely end up as a relatively moderated treaty.