Why can't Evo Morales just march overland through Argentina and invade the Falklands? It would make just as much sense, and would be much more dramatic.
Well, no, the comparison really makes no sense and Morales did lost nothing on those rocks full of sheep.
My opinion? This is outright ridiculous. It would be like Germany suing Poland to regain East Prussia, or Mexico suing the USA to regain California. We took that territory in a fair war (if such a thing exists), we expelled their people, and now the zone is 100% Chilean. We lost a large amount of land to Argentina in 1881 (the size of our country now), and we are not complaining.
In agree on what the territorial claim makes no sense nowadays. Despite the region receives Bolivian immigrants, according to some documentaries that I've seen about the mining industry in the north of Chile, I'm sure that the population there is fine being in the country where now stands. However, I think that Bolivia has some rights on the question of the sea access, but this is something that both countries have to solve via bilateral treaties and it would be fair from Chile being generous on that matter.
I really don't think that any of those XIX century wars was fair, though I know what you mean. By the way, Paraguay suffered the worst part in the South American wars: the country was almost annihilated by the Triple Alliance (Argentina, Uruguay and Brazil).
http://en.wikipedia.org/wiki/Paraguayan_War