von Spee had lots of options, nearly all of them bad.
He had instructions from Germany "in case of war," and was in radio contact with home until the allies dismantled the network of German colonial radio stations. Once he was on his own he had to comply with instructions, but more than that he needed to find a way for his squadron to make a good accounting of themselves. He was able to reestablish contact with Germany when he got close to S. America by linking to the Etappendienst.
The Indian Ocean was a blind alley. There were restricted channels to enter and exit and a lot of traffic that made finding hide outs rough. Moreover, threatening India was a sure way to trigger a massive British response.
The Pacific was an easier place to get lost, but had less traffic to prey upon.
von Spee had to get as far from Japan as he could. The Kongo was the main threat, but the massed weight of the rest of the Jpn fleet made ops anywhere near Japan or China a bad idea.
He could have launched a full invasion of New Caledonia, and used it as a base of operations. The French presence in the Pacific was pitiful. But, once he did, he'd be locked down in one place, and it'd be just a matter of time before a major squadron showed. The outcome would be the quick liberation of New Cal and the loss of his fleet. Scuttling could never be an option.
He could play merry hell anywhere, then seek internment, but he'd have to do something major AND find a neutral that could be relied on to stay neutral. If he'd won at Coronel them managed to make it to Portugal and accept internment there that'd have been an major accomplishment. No place in South or Central America would have done. The eastern US would have been a big splash, but the risk the US might weigh in someday was too great.
Around this time there was an uprising in South Africa of pro-German elements. Going there to stir up trouble might have been an interesting idea.
Getting stuck in East Africa with the Konigsberg would have been a very disappointing outcome. In East Africa, his crews would have been just that many more mouth to feed.
Raiding Vladivostok, New Zealand or Australia would have been a splash, but unless he could be sure there were no mines, it'd be too great a risk. Raiding Japan would have been 6 flavors of suicidal. Can you imagine Jutland with the 1 Tiger, 2 Lions, Queen Mary, 2 Indefatigables AND the 4 Kongos?…with BS5 close astern. Woof!
On balance, although it meant the loss of his squadron, and almost all of the crews, he managed at least as well as might have been expected.