Well, I'd have to disagree with the uniform creation of the Colonies as per OTL - most of them were formed as either outright penal colonies, or as refuge-outlets for the "religious exiles du jour"...who mostly wouldn't exist here.
It really depends on how much you want to fiddle with the TL: does a "mysterious stranger" whisper in Hank's ear, or is it simply that the little tyke lives? If the former, the sky's the limit on the direction you can go.
If the latter, it won't take an advanced economics course to see the looming disaster in the Spanish economy, so there is a chance that Henry may sponsor missions to NA to "see what the Spaniards are missing"...And finding the naval storehouse that is New England, I think you'd likely see Henry making a bid for Royal Estates north of the Chesapeake.
Also, that brings Henry the possibility of the military glory he sought, since a Catholic England would almost have to go to war against the Protestant Dutch at some point.
In effect, whether it's 1594 or 1954, the only difference in divergence will be one of degree...