I understand your question completely. Its not so much a matter of exactly how many times it can be folded, but rather how many times it can be folded under the correct circumstances, and what materials to use. The answer is going to be different for each individual, depending on their shop setup, and their experience level. The alloys utilized the in the billet are also going to place a key role.
Example: If you choose two alloys that greatly differ in carbon content, say 1080 and 1018, carbon migration (as well as other alloys) will occur in a shorter number of "heats" than say a billet of 1080 and 1075.
Several years ago I did a series of experiments, and had the results spectrographed. What it reveled FOR ME, was that when mixing high/low carbon alloys, things started to meld around 300-400 layer count....the thicker the starting pieces of the billet were, the closer it came to 300 layers, and the thinner the starting pieces, the closer it came to 400 layers. I can only surmise that because I was starting with a higher layer count initially(with the thinner stock), and exposing the billet to less heat/duration than was require with the thicker starting material, carbon/alloy migration was lessened.
Just to be clear...these were the results I achieved, in my shop, with my tools and my methods. The fella that did the testing for me made it very clear that these results applied to me particularly.
Basically the tests reveled that those billets created with 1/4" thick pieces (1080 and 1018) Came out with an overall carbon content of approx. .55-.60 throughout the finished billet at 300 to 320 layers, where as the billets that began as 1/8" stock or less came out at .65-.68 carbon at 400 layers.
I also did the same experiments with a mix of 1080 and 15N20. The results of which were somewhat surprising to me..... the carbon content in billets as high as 700 layers remained within 3-5 points of what it started with....which is a big reason I advocate the use of a second high carbon alloy (particularly 15N20) in damascus billets.
My conclusion is that there is a lot more to it than just how many times it can be folded. Much depends on all the details.
On a side note, my personal opinion is that once you get past about 500 layers, layers start getting difficult to distinguish.