Airport Connection times in London Gatwick

Don't do it or be prepared to buy another flight from London to Munich, especially since you say you are checking luggage.
The flight on Norwegian may arrive late enough to Gatwick causing you to miss the Easy Jet at 4;30pm.
The majority of the flights most will say have arrived or departed late over the last several years
Also Global Entry is only good if in hurry after coming back into the USA.

Not what I would try to do, especially with checked luggage; even with just carry on luggage the alternative flight would have to be UGLY, to make me choose to try do your schedule.

Much better to go to the bar and buy a drink to kill time, than customer service to buy a new ticket.

Is there a later flight available?

While I agree with others about the short time between the two flights, I just flew Norwegian into Gatwick over the Holidays from Seattle. I arrived at 7:00am and we were the only flight which meant that I blew through immigration and customs. I was seated in the front of the plane, my bag was ready for pickup after leaving immigration, and I entered the unsecure area of the south terminal within 15-20 minutes from departing the plane. It would have been longer if other flights had arrived at the same time, I was seated at the back of the plane, baggage was the last to unload, etc..

The good news is it is a five minute ride via tram from the south terminal to the north terminal. As you leave the tram and enter the north terminal proper the EasyJet check-in counters will be directly in front of you. There are A LOT of EasyJet check-in counters. Both times I was there activity was light and there were Kiosk's available for what I assume was the standard check-in for ticket/baggage tag, which would leave you just needing to drop off baggage, go through security, and walk to your gate.

The unsecured areas of both the south and north terminals I thought were small in comparison to Seattle.

Unfortunately Global Entry is only available when you ENTER the United States, but British immigration was four or five basic questions and customs was nothing more than walking through the "nothing to declare" door. If you travel to the UK frequently they do have their own version of Global Entry but based on my three trips there it is really not necessary.

I was looking into potentially doing something similar in the future. I was thinking I would get the GatwickConnects Protected Connection - if I missed the connection, it would cover the onward flight and hotel/food if necessary. Anyone have any feedback on this?

Global Entry is American and will have no effect on catching an EasyJet flight at LGW.

Keep in mind, you'll be on 2 separate itineraries so it's not a connection; it's 2 different flights.

If you miss the Easyjet flight, if it's a roundtrip, you'll not only have to buy another Easyjet ticket at full price, you'll also have to buy the return ticket if the EasyJet isn't a one-way ticket. Therefore allow 4 hours if you also must collect your luggage at the baggage carousel and then check it at Easyjet's ticket window. You'll have to go through security and possibly immigration.

When I had 2 separate itineraries that involved arriving at LHR from JFK and then leaving LHR to my final destination outside of the UK, I didn't have to go through immigration; I still allowed 4 hours in case my inbound transatlantic were late. Not sure how LGW is regarding immigration.

"Assuming" you arrive on or near on time you should be OK.

I am assuming you are planning to buy to buy a US to LGW round trip ticket and a separate easyjet booking LGW-MUC-LGW. (?)

If so, I would look at buying one way tickets on easyjet. In case your arrival is delayed and you miss your easyjet flight out of LGW, your ENTIRE itinerary with easyjet is forfeit. If you have one way tickets you lose only the one flight, not both.

Be sure to read and adhere to easyjet policies, re baggage size and costs and check-in times.