Hi again!
I've been doing a bit more digging to try and work out how the arms would be laid out, and also to work out the relationship between our Baron Morley, and Francis Lovell.
So it looks like Francis Lovell (Viscount Lovell, Richard III's 'dog') is Henry Lovell's cousin, where the family splits into the main Lovell branch, and the Morley branch after the 7th Baron Lovell.
I've put together a (slightly scruffy, sorry!) family tree for the Barons Lovell, up to the 2nd Baron Lovell, just to make some more sense of the inheritances and components of the coats of arms:

I've put the Barons Lovell in orange, and Barons Morley in blue for convenience!
So for Francis Lovell's coat of arms, where he inherits the titles of Baron Lovell and Baron Holand from his father, he keeps their components in his arms in the first and third quarters in the top-left and bottom-left respectively. He later inherited the title of Baron D'eyncourt (Deincourt), and Baron Grey of Rotherfield from his grandmother, so her arms are in his second quarter at the top-right (Deincourt) and fourth quarter at the bottom-right (Grey). The escutcheon in the middle of his arms with the crowned lion is for his ownership of Acton Burnell Castle inherited from
way back from when the 2nd Baron Lovell married the heiress of the castle from the Burnell family.
(and here's the arms for ol' Francis Lovell, for reference)

(Hopefully I explained that ok! 150-year spans of feudal inheritance are a bit of a mess!)
So while Francis as the head of the senior branch of the family got most of the titles, his uncle William did not. So we can assume that (to start) William Lovell used a quartered Lovell/Holand coat of arms:

Then marrying the heiress of the Morley family, he would have been entitled to take
her coat of arms (the crowned black lion on a white field) into his own. My understanding is that as husband, he would be able to modify his arms by adding the Morley arms as an Escutcheon in the middle of his own coat of arms (I've hastily put together a mock-up in MS Paint!)

So
their heirs, our Henry, and his sister Alice, having inherited their mother's title of Baron(ess) Morley would now be entitled to quarter their father's arms with their mother's. So I think it would look something like this (again sorry for the hasty MS Paint recreation!):

Admittedly a lot of this is just speculation, in between the family tree, reverse-engineering Henry Parker (10th Baron Morley)'s coat of arms, and using this link from the Heraldry Society around priorities for quartering arms:
https://www.theheraldrysociety.com/articles/quartering/Hopefully it's helpful and not too chaotic though!