Bolivar wanted a pan-latin state, then several large latin states once that dream was shattered, and then was forced to settle for what was on the table, the only reason Gran Colombia came into being was because of Bolivar, Peru was too proud to union with another at that point, Bolivia was supposed to be part of Peru and Bolivar was annoyed that they seperated it from Peru for the sake of naming a country after him, and Chile was a wildcard. La Plata was also a wildcard. I can see him supporting a king if he gets one of his wishes, and Peru swallows Bolivia and/or Chile. Chile was a bunch of mountains at that time for the most part, so it is realistic, at that point in time. I'm not exactly sure wether Bolivar was government-wise, I believe he supported republics, but I have no clue as to how dedicated he was to that. I think he just really wanted the Spaniards out. That's all I got when it comes to Bolivar.

As for the military, sadly, military repression is a Latin American tradition, I imagine the military will put down the revolt or two and let the King do his job. While the problem here though is, how much power will the military have? The King needs to be either politically skillfull, or just be plain-out terrifying to keep the military on leash, and I also see one other thing that could occur. Should the Englishman become King of Peru and some unfortunate accident occur, It seems to me as though we have a British Peru on our hands. TBH, I've always wondered what would happen under a British Peru.