dubbdc: It is understood that if the segments were purchased separately, you will get separate coupons and boarding passes. Obviously, the fare is expected to be higher.
As I've said, THEORETICALLY, there shouldn't be a problem. But the question remains: Will LatinPass count them as one flight? The rules doesn't specifically address this situation. They may count them as separate segments. They may not. Why? Same flight numbers, same date. They might count it as a through flight. The ONLY route LatinPass has declared in writing to substitute for a SAETA segment is the UIO-LIM route (not LIM-UIO).
With regards to LatinPass' statement on the SAETA issue, you're absolutely right, it is open for interpretation whether a "route" is in both directions. However, the final interpretation will be made by LatinPass regardless of how any of us wants to interpret it.
I agree with Tango: Why would you be willing to risk your 1,000,000 miles being cut down to 500,000 miles because you wanted to save a few hundred dollars?