WI Luis Sanchez not assasinated?

Sanchez was a Peruvian dictator in the early 1930's who was about to lead his country into a war with Colombia. Then he was shot through the heart, and the war fizzled out. What would South America look like had he not been shot, and the war escalated? Who would win? What would the geopolitical situation in South America look like going into WW2?
 
Very hard to say about a winner, Peru's and Colombia's armies were quite equal at the time if I have understood correctly. Peruvian war aims weren't especially great either, so just some little changes to the border whoever wins. The war was more about the president's prestige I presume.
 
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