I think so. It is hard to beat Canzoneri coming into him. I would still favor Henry though. Henry was way ahead of his time with that bob and weave, he looked like a miniature joe frazier.
I don't see him "shutting down" Armstrong like he did to Kid Berg (who was much less skilled than Armstrong), and I don't think he could match Armstrong's pace if he didn't, so I see a Catch-22 situation here for Canzoneri. So my answer is No.