Custom content for several Spanish speaking countries I am on Drupal 7.

I need a website that will have different versions for each country in Latin America, where many countries speak Spanish. I was considering using one language per country, but as far as I am concerned, Drupal has only one Spanish version. At least, it doesn`t have one Spanish for Costa Rica, another to Honduras, Panama, El Salvador, Colombia and so forth. So I was considering creating one flavor of Spanish per country in Drupal (I would create new custom languages like "es-country code") and loading all the Spanish vocabulary again and again into these alternative custom languages. Do you think this approach works? I would like to take advantage from the fact that when using localization (i18n) you can set one single structure/navigation for the website accross the languages. The content across different countries will usually be the same, but sometimes it will be different. Working with i18n I can duplicate content accross the countries and change the small details wherever I need.

So my question isn`t technical, but broader. Do you think this approach is good? Which strategy/approach would you use if you needed to content customization per country where some of these countries speak the same language? Thank you
I think it's the best solution, or at least we used the same. In Switzerland, we have the Swiss German, that is a little bit different from German.

So we took the German translation as a base and created another language, like de-ch. Then with i18n and all other modules, we translated the differences.