While in principle you're right, in detail I'm afraid you're wrong...
HESH rounds (according to knowledge just learned through googling) aren't soft lead. Rather, they're thin-shelled rounds with an unusually high load of explosive compound. They're designed to squash against the target and fuzed to detonate at the point in time when the explosive load has spread out enough to maximize the amount of force that will be transmitted directly into the armor.
Rather than transforming loose interior objects into projectiles, the intent is to cause spalling of the armor. If you've ever whacked a piece of stone on one side and seen a piece fly off on the other side, that's spalling. When forcing armor plate to spall with a HESH round, due to the energies involved, pieces of armor plate will depart from their original locations at a rather alarmingly high velocity, achieving the goal of making life unpleasant for man and machine inside the armor hull.
So, the momentum of the projectile is used only to squash the projectile against the armor, increasing the surface area of armor subjected to direct force from the explosion. The explosion does the real work.