I don't think anything will happen with TH until the draft is underway, if it happens at all. TD will probably see how the first 10 or so picks play out before he makes a decision, if he really thinks there's a way to get a first-rounder out of a Henry deal (not straight up, obviously, but rather Henry for a pick and then that pick plus a 2 and maybe a high 2006 pick for a 2005 #1).
I keep hearing that this draft isn't deep. If that's true it probably makes no sense to trade into the first round anyway