I can personally recommend the Chilean and Colombian leagues if you're feeling adventurous, as they usually produce a lot of very cheap talent. Once you've negotiated the ridiculously complex domestic league and cups, your main challenge is to get decent results against the vastly superior Brazilian and Argentinian teams in continental competition.
Having done this, and provided your international profile is sufficiently high, load up some European leagues and try to make your name there. I went from America de Cali to Atletico Nacional in Colombia, to Banfield in Argentina, to SV Ried and ultimately Red Bull Salzburg, both in Austria.
Such a journey requires you to constantly reassess your view of the game and your philosophies, as a style of play effective in Colombia might not be as effective in Austria.
All in all, I would really recommend such a career path. Fifteen in-game years from when I started the save, I look back at the teams I used to manage and see what sort of a state I left them in. A save such as this demands that you be considerate to the club during your stay and ultimately during your departure. Clubs that you milk for instant success might have the house of cards collapse in on themselves when you leave, while smaller clubs for which you lay strong foundations will continue to prosper long after you're gone.
