Approaching the family from a different direction, and assuming that your Edward Waterson was bapt 30 Oct. 1803 Malew, son of Henry WATERSON & Esther KENNAGH, and had at least one sibling William bapt 2 Aug. 1812 Malew, I had a look for William.

There is a William Watterson aged 29, shoemaker, in the 1841 Malew census who looks like Edward's brother, with Margaret aged 26 and John 10 m[onths]. Relationships not given in 1841.
John bapt 19 July 1840 Malew son of William Watterson & Margaret Mullen.

In 1851, in Peel Road, Malew, are William Watterson, marr., aged 38, Cordwainer, wife Jane aged 39 b.Braddan, and his children William aged 12, scholar, b.Malew, John aged 10 scholar b.Malew, Edward aged 6 scholar b.Malew, Jane aged 2 b.Malew. Also Henry Cubbin aged 80 "Law father" marr., Ag. Lab., and Esther Cubbin 70 mother, with Thomas Teare Journeyman aged 22, Cordwainer, all b. Malew.

His eldest son William bapt 9 Sept 1838 Malew son of William Watterson & Margaret Mullen.
Then John, above.
Margaret bapt 22 May 1843; Edward bapt 11 Aug. 1844.
WATTERSON, Margaret [aged] 31 [buried] Mal 26 Mar 1846 [Brian Lawson's website]

Jane bapt 17 Sept. 1848 Malew daur of Wm Watterson & Jane QUINE.
William Watterson & Jane Quine married 20 March 1847 Braddan.

In 1861 Malew they are in St Marks Glebe, Tenants house, with William aged 48 cordwainer, and farmer of 36 acres employing one? labourer. ..?.. the local Preacher.
Wife Jane aged 49, William H. son 22 Ag Lab, John 20 cordwainer, Margaret 18, Edward 16 cordwainers ap., Catherine E. 6, all b.Malew except wife Jane b. Braddan, and all the children unmarr.

I hoped the children missing from censuses would be with relatives, and in 1841 Malew found eldest son William Watterson aged 2 with Henry Cubbon aged 70 Ag Lab., and Esther Cubbon aged 60, at Ballachrink.

So Henry Waterson must have died before 1841 - perhaps overseas, being a seaman, and Esther remarried to Henry Cubbin/Cubbon.
The IGI has Hesther WATERSON & Henry CUBBON marrying 5 June 1821 Malew. LDS film no. 0106732.
Ignore that Castletown film number last message - wrong family.
The film numbers given in my first message today are the ones to get.

Brian Lawson's burials have an Esther CUBBON, aged 74, Malew, buried 11 Mar 1855.
Esther bapt 17 Sept. 1780 Malew, daur of Wm KENNAGH & Jane KEWN.
Presumably Henry Waterson died between 1811 and 1821.

Sue