Earlier Mexican Kingdom: Hapsburg or Bourbon

Imagine that, after the Spanish Succesion War, one of the peace arrangements is to make New Spain an independent kingdom from Spain. Over the Spanish Crown will be crowned an Bourbon, while in Mexico there will be an Hapsburg prince. How plausible this might be?
 
The would be Carlos III of Spain would be pretty angry about being left with some colonial backwater and will likely refuse to take the throne...
 
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