In a very bad fight, Buchanan wins a 15 round decision by just punching more. Not hitting anything, but just moving his hands more. They would have basically neutralized each other.
I agree with your points. I think Buchanan's jab would have kept Locche off-balance enough to REALLY reduce his workrate, while not actually landing often at all. Also, I think that while Locche had the better head and waist movement (although Buchanan's was very good for a European boxer of his era) Kenny had the better footwork, which would be decisive in opening up opportunities and staying out of trouble. This bout would be fascinating to watch for about a minute, as one examined their techniques and strategies, before the lack of landed blows would wane one's interest. It would be like that Joe Louis bout, where a newspaper report said "It was felt anything could happen, but practically nothing did."
In Argentina, where Locche's defensive prowess would be appreciated by a raucous, chanting crowd, he's probably win a close decision (which would go down as a draw under Argentinian rules). Anywhere else, the busier Buchanan will take it.