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I don't see why not? You have many small neighbors you can conquer in Central America. By the time you reach South America, you should be strong enough to take on the larger countries. From my experience playing as Argentina, the U.S. won't intervene in Latin American wars as long as there's no European or Asian involvement.
Edit: It should go without saying, but don't invade the Panama Canal Zone
In DH Full (No mods), Mexico have only few election events but nothing more. In 1914 scenario, you will always have event about decrypted Zimmerman telegram. So there no chance to join CP block and attack US rear
WIF II and EoD - Flavor events about Oil, MEX support for Spanish Republic, US-MEX relations.
KR - You can restore Mexican Empire and expand it during American CW, or establish Red Mexico and support European Communists ( If I'm remember correctly, Red MEX also can export communist to Central American republics )