Metyer Reynolds started at Cambridge in 1733. Suppose he was 20, that takes us to 1713. John Reynolds is baptised to Thos and Mary 1712 and I have found no other references to him.
The Metyer family male line died out in 1727 leaving a widow and a paternal aunt, either of them might have tried to perpetuate the name.
I've emailed the Emanuel College archivist. We'll see how friendly they are.
Maybe I've misinterpreted the note added to the will suggesting its value. Of course Metyer may have given gifts during his life. In addition to Leonora's annuity, there is the estate of Metyer Reynolds Allen.
He was transported in 1824 for theft of an Ass. In 1892 Sophia Reynolds Allan Allen (don't ask), his niece, is granted administration of his estate valued at £50. Presumably by this time they though he would be deceased. Now presumably he wouldn't have been stealing Asses if he'd had £50 to his name in 1824. Could this be his share of the will, only paid out after a long delay?
Can't do much more for now. Will come back if anything arises.