This has been discussed before, and the consensus was there's a lot of variables involved so it's hard to say.
IOTL, Henry's "Protestant" church was more or less independent Catholic with vernacular, the infusion of more "traditional" Protestant ideas happened gradually from there. Prior to that point, Henry was actually named Defender of the Catholic Faith, IIRC, and is unlikely to convert himself without the issue of an heir and annulment. There was already English protestants, especially among merchant and urban classes, so to a certain extent money he gained from seizing Church assets and put into the development of the nation could come from there, though likely not the same amount, which could have its own butterflies.
Religiously, without the push of the Monarchy, I don't see much potential for a sudden protestant conversion. Rather, the likely result is the kind of religious unrest and internal violence prevalent on the mainland at the time, with protestants generally finding patrons among the nobility or merchants against the monarchy and more traditional elite as they spread their message among dissatisfied elements of the population. There's also the question of whether Scotland still goes Protestant and how that might have an effect on these internal problems.
Politically, I'd guess that England would be pretty close to Spain in the immediate future, and follow them into the counter-reformation. That's unlikely to last forever, but for a few years, maybe a decade and a bit? Doable.
Then again, I'm basing this off of what I remember of the old discussion so I might be wrong.