Disenfrancised
Beep Beep
I don't see why not. Brazil is not Mexico or Peru; the indians are in fact a very small part of our national heritage. Things would be pretty much the same, except in the North where most people are mixed indian/portuguese.
Actually the vice-royality of Brazil, the southern one of the several that existed prior to the 1775 unification, got its start through exploration and trade with/assualt upon the Indians of the interior. Without them you'd only have the Captaincy of Pernambuco succeeding at the start leading into a 'brazil' (might not be called that) that had a much less diverse and smaller economy and one that will probably loose most of its original timeline southern portions to the spanish.