This is a very interesting thread, I always wondered what happened when Victor approached the Losers... Although I must say it does work. The way it is mentioned so "casually" creates a very eerie effect somehow.
I always figured that, at that point, Henry was already so far gone that he actually believed Belch was still there with him, while in reality he was roaming the sewers all by himself. Especially because he specifically says "Belch and me", I somehow doubt that he would have specified that if Belch was actually with him. I think he was in shock after Belch got killed, and since he was still following It's orders, he reached some sort of insane, euphoric state. "We are coming, me and the terrifying Belch monster, we are the terror/monster squad", or something along those lines. I don't quite know how to get my point across, my English has seen better days...
2. Belch, Henry and Victor in the Sewers: In 1985, Henry tells his dead friend Belch that he ran away in fear after IT tore Victor's head off and that he saw Belch stepping in front of IT and also dying. In 1985--confirming Henry's version--the Losers find both corpses close together. In 1958, however, it seems as if Henry and Belch follow the Losers for hours. That struck me as odd, so I checked the timestamps before the subchapters and that messed with my mind. Parts of that journey that feel like miles and hours to the Losers only last for a maximum of 5 minutes.
I always figured that, at that point, Henry was already so far gone that he actually believed Belch was still there with him, while in reality he was roaming the sewers all by himself. Especially because he specifically says "Belch and me", I somehow doubt that he would have specified that if Belch was actually with him. I think he was in shock after Belch got killed, and since he was still following It's orders, he reached some sort of insane, euphoric state. "We are coming, me and the terrifying Belch monster, we are the terror/monster squad", or something along those lines. I don't quite know how to get my point across, my English has seen better days...