If the buttons have dramatically different functions (like, perhaps you are evenly spacing out five control buttons of an audio/video player), you could instead modify the event handler prefix, eg:
B4X:
Dim ButtonName(5) As String = Array As String("Stop", "Rewind", "Play", "FastForward", "Pause")
For I = 1 To 5
btnImage.Initialize("btn" & ButtonName(I - 1))
'...
Next
Sub btnStop_Click
'do stop stuff
End Sub
Sub btnRewind_Click
'do rewind stuff
End Sub
Sub btnPlay_Click
'do play stuff
End Sub
'etc
I expect that the tag way is better in most use-cases... but not always. Never hurts to have a spare arrow in the quiver.