If Jes Goodwin's theory is correct that there were a small group of unreleased prototype figures for Hero Quest, I gotta speculate a bit.
It's pretty clear to me both of the above figures were meant to represent the same Knight Hero. Not sure of the stats, perhaps he simply started with better defense. The Legend of Sorasil HQ-computer game featured a Paladin, but that was years later.
Were longbows and warhammers part of HQ's prototype equipment cards? Seems like the crossbow and shortsword bumped them.
The Wizard raising his hand to ask a question seems to have been in from the beginning--curious.
With a mug like that, it's kind of obvious why the Chaos Warrior was switched to a monster. The morningstar/spiked mace is yet another weapon that was cut from the game if the Chaos Warrior was indeed a prototype Hero. The original weapon choices were a bit greater, apparently.
Of the four Heroes, only the Barbarian made it in from his original incarnation nearly unmodified, a brawny dude with a big sword. No wonder he is the posterboy on the box cover.