Yep..Argentina operating a Sqdn of Phantoms is probably well within budget. Whether they have any need to, well thats another question.
As far as a role in the Falklands / Malvinas war I suspect with only a single squadron they probably would have been (mostly ?) held back for mainland air defence or maybe used to provide a fighter escort for the Super Etendards, C130 tankers and other high value assets.