Well, considering that France wanted their puppet to have control over all of Mexico I don't see this happening. It would have destroyed ANY credibility that Spain had in Europe (it destroyed the French credibility with pretty much everyone.) Spain had just won a war with Morocco the year previous, had already occupied the Dominican Republic, and had military affairs in Indonesia.
Spain couldn't have beaten France on her own, and no other nation would be willing to aid Spain in this situation. The only way that Spain could win is if they were trying to force France out, and even then it's unlikely.