A Different Result to the Conspiracy of the Maharlikas

The Conspiracy of the Maharlikas was among the first known attempts at an early 'Philippine' revolt against the Spanish authorities, led by the grandson of the conquistador Miguel Lopez de Legazpi. Their original goals were to set the Spanish city of Manila ablaze and to throw off the Spanish yoke with the end result of having de Legazpi's grandson Agustin de Legazpi becoming 'King of the Philippines'. The rebellion was only crushed with Antonio Surabao betraying the datus to the Spaniards.

So what if instead of de Legazpi becoming King of the Philippines, he settles for the creation of a separate "Viceroyalty of the Philippine Islands"? Could that rebellion actually succeed or at least force the Spaniards to change their policies to deter any future revolts?
 
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