From memory there is a difference between 1.0 and 2.x on if the Falklands are invaded, I think there is some info on the Falklands in the 2.0 entry on the Harrier plate in the Nautical and Aviation book.
Kit wise the British Army had the advantages of M72s and Milans as bunker busters. Night sight wise the Argentinians were FAR superior (later generation and more common). There was also an Argentine ground surveillance radar but it was turned of on the critical night to not give it's position away.
Navy wise after the sinking of the General Belgrano the Argentine Navy never left port so it is hard to compare, if the carrier had been committed then the results could have been quite different.
Air Force wise the Argentine Air Force pilots were highly respected, operating at extreme range and pushing home attacks in the face of heavy fire. As has been stated they were let down by the bombs they dropped. I have not come across the paint problem, most sources I have read gave the reason as the bombs were released too low and did not arm.
Logistically the British were at the end of the tether by the ceasefire, the loss of heavy lift helicopters on the Atlantic Conveyer was a major disaster.
Overall it would not have taken much for the British to have ended up holding part of the islands and negotiating.
As a sad aside more servicemen and women have committed suicide with PTSD since the war than died in it.
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