Korean "Taiwan" in DPRK victory

Let's assume that somehow the DPRK succeeded in conquering most of Korea during the Korean war. What would an ROK government in exile, a la the Republic of China look like?

Could the ROK survive in exile in the small island in Jeju?

What about the ROK being restricted to the far southeast of Korea, mainly consisting of Busan, and supported against the DPRK by the USA? Busan was one of the strongest ROK outposts during the Korean War.

Or alternatively, what would a Korea consisting of both Busan and Jeju look like?
 
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If I remember clearly the ROK was forced to fight a communist rebellion there in 1949, so Im not sure it would be the best choice.

Edit: Jeju that is, not Busan.
 
In OTL the ROK brutally repressed communists. It might be a bit harder in this timeline, but the ROK would be very willing to use brutal means to crush any far left movements.
 
If I remember clearly the ROK was forced to fight a communist rebellion there in 1949, so Im not sure it would be the best choice.

Edit: Jeju that is, not Busan.

If there was a second communist rebellion in Jeju in an event of a DPRK victory, there probably wouldn't be a Korean "Taiwan."
 
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