U.S. makes Walker's Nicaragua a protectorate

Now, I know that accepting Walker's tinpot Nicaraguan regime into the Union would have had consequences both foreign (pissing off the Brits and the Latins), and domestic (upsetting the free-slave divide). However, could the U.S. have recognized his Nicaragua, and guaranteed its independence, but not tried to annex it at all? So if they decide to protect Walker, would he be able to remain in power?
 
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