Hi - I think it is probably the same Henry mentioned twice in the 1721 will - remember that "of age" for a will is aged 14. The father didn't say his five children were all underage.
I have seen children with the same forename in families, but this was usually when they had different mothers, and in wills identified as (e.g.) John Snr and John Jnr.
What John Lawson suggested was that the first William died and then a son born at a later date was given the same name. This was very common.
Sue