@ElPresidente: Recommended for a "standard" England is to go Protestantism. But to keep efficiency up in your mainland, you will want to convert the wrong-religion provinces. A good tactic I use is to wait for Elizabeth I, as she has great Administrative skills, so her conversion chances are high. Then just start sending missionaries, starting with the cheapest/easiest provinces first. Once all right-culture provs are converted, you could consider converting wrong-culture ones, although do not do it unless you are sure you can afford it.
As for the colonies, I wouldn't bother with them converting later on. You should try to get them to 1000 inhabitants, thus making them "Colonial cities", in which case they will work like any other city by providing taxes. Don't bother to keep sending colonists till they become 5000 pop; it's very rarely worth the money.
The thing is that if the provinces do convert, they will still be Anglosaxon culture, and their population will be very small (<5000). This means that a missionary will have a very good conversion chance AND it will be extremely cheap (in the range 30-80 ducats approximately).
As a sidenote, I recommend going Narrowminded on your slider, as that will supply you with more Missionaries and, more importantly, more Colonists. Free Trade also helps with Colonists.
An England that wants to expand into France or other parts of the continent should remain Catholic, as that is the predominant religion in Europe. An England that aims to become the world largest trade-power and power-techer should choose the slightly more difficult path of Reformism. That religion will give a bonus to Trade Efficiency, but not as many Colonists. It is also harder to get all provinces right-religion, as more conversions will be needed. Additionally, you lose a number of years due to Calvin being later than Luther. The advantages, however, includes great expansion opportunities in the wealthy Lowlands, plus Scotland does not need conversion.
Of course, any religion could be played with any strategy, but this is what I feel is the most logical set-up. Protestants are better colonisers, Catholics are better conquerors and Reformists are better traders.
