However, one has to wonder if Colombia would be capable in a conventional conflict when most of their experience is with counter-terror operations.
Actually the war against FARC has entailed numerous counter-insurgency operations; the Columbian military has fought IIRC brigade level battles against FARC in the countryside, broken the sieges of several isolated towns, etc. Although the vast majority of fighting in the Columbian Civil War has probably been COIN operations at squad level, ambushes in the jungle and the like. In the last few years, the scale of the fighting has declined. But I would no means call it "counterterrorist" operations. That makes it sounds like all they do is rescue hostages of airplanes and arrest people.
Chavez has no other place at the current time to send much of his heavy crude to have it refined. He needs the US more than the US needs him in that respect. So it is I who doubt that Chavez will try anything.
Yes without oil, the Venezuelan Army's equipment won't count for much.
Vlad is right, this is pointless because the US is the 2000 pound gorilla in the room. Although I get the sense that the US hasn't condemned Venezuela more strongly because there are some in power who would almost like Chavez to move so we could get a chance to bloody him. Personally I hope for peace, but this situation will continue as long as FARC hides in Ecuador and Venezuela.