In the post-revolutionary period of national
consolidation in South America in the Nineteenth Century, there were two "Big Wars":
1) the War of the Pacific, between Chile and a Peruvian-Bolivian alliance over the mineral wealth of the Atacama; and
2) The Triple Allliance (Argentina, Brazil, Uruguay) war with Paraguay over (essentially) control of the River Plate.
The Bolivian-Paraguay war (the Chaco war) came in the Twentieth Century, which was basically a conflict over control of (mostly) imagined mineral wealth.
The Chincha Islands conflict was a European power trying to make a grab at an economic resource (in this case, the mineral deposits in the Chinchas) combined with a definite "short, victorious war" gambit - not unlike the Spanish take-over of the Dominican Republic and the French intervention in Mexico in the same period.
The issue, of course, is that while all the American republics (North and South) were more than willing to try and take advantage of the others, in the event of a European power trying to intervene, they generally closed ranks.
So, if anything, the most likely outcome of a prolonged Spanish intervention in the Western Hemisphere in this period would be a growing alliance against Spain.
Which leads to the interesting possibility of an eventual "American" (north and south) invasion/liberation of the DR, Cuba, and Puerto Rico - maybe even an expedition to the Spanish Atlantic islands, or even the Phillippines and Guam...
Basically, a wider Spanish-American War, with the Latin American republics allied with the US, in the late 1860s.
Best,