The only thing that goes against that PP does not intend to kill Henry is the line Felix had saying “oh you are not the boy? Then you get to live”. Felix may not have known though what PP wants or why. Given how PP treated GOAT I think his motto may be “need to know basis and you do not need to know” and easier to get Felix loyal if he does not say we need this kid to really believe to keep the staus quo.
I know A&E talked about Pan as being like Kurtz from Heart of Darkness, the Joseph Conrad novel. Pan enjoys being a demi-god to the others but they may be seething with rage and resentment against him, so if they knew he had a weakness, they might rebel. In the original PP novel/Play the other boys want to go with Wendy and he alone stays.
“If I had a world of my own, everything would be nonsense. Nothing would be what it is, because everything would be what it isn't. And contrary wise, what is, it wouldn't be. And what it wouldn't be, it would. You see?” -- Lewis Carroll, Alice's Adventures in Wonderland & Through the Looking-Glass