That is what I am planning to do.
Either a worse communeros revolt or Miguel da Paz survives; that are two different points of divergence. You can't be driven out, if you didn't have the throne to begin with.
Charles V may still win the imperial election ITTL, OTOH Philip the Handsome might survive longer. Without a chance of the Habsburgs getting the Iberian kingdoms (even a long shot IOTL) Maximilian will start arranging his son's succession to the Imperial Throne much sooner. So before either Charles or Ferdinand (if he's born ITTL) become emperor, you'll most likely have a reign of Philip the Handsome first.
@ Darthfanta: with the Habsburgs staying in the Empire, they probably will maintain different relations with their possessions in the Low Countries, which were amongst the most valuable they had, even more so ITTL. So no Dutch Revolt ITTL or not as we know it.
As for Italy, Castille-Aragon had interests in southern Italy and the Habsburgs in northern Italy and both of these were disputed/rivalled by France. Especially in Italy Castille-Aragon and Austria-Burgundy will still be natural allies.
As for the colonies, IMHO it's very likely that when the Spaniards and Portuguese won't colonize the OTL Philippines, latecomers France, England and Austria-Burgundy (with their Low Countries possessions Flanders, Brabant (Antwerpen), Holland, Zeeland etc.) will eventually.