Each type of action (white magic casts, black magic casts, each individual spells slot use per character, attacks, being hit by spells, being hit by attacks) has its own counter. Though given the action cancel exploit, because of the way the counters are tallied the moment an action is issued, it's actually attempts, attempts, attempts, attempts, enemy targets you with spells, enemy targets you with attacks. But they are all individual, and thus the overflow protection is placed on each one. So while highly unlikely to ever happen in a single battle, your counter for any of those actions will not go above 200 each. No combination whatsoever. Yes, you could in theory set it much lower, though I'm not sure why you would want to.
Also I should clarify what I said earlier about the nature of stat increases. Stamina, HP, M.Power, and MP are all very finicky compared to Strength, Spirit, and Intellect, because while the last 3 have a threshold over which they are GUARANTEED to increase (56 attacks, 16 white magic casts, 25 black magic casts, all within a single battle of course), the former 4 are not guaranteed even if you go from 100% HP to 1 HP. Because it's calculated based on proportion of max HP lost, the only way to guarantee it would be to end at 0 HP. Of course, if you're at 0 HP... you're dead and so you can't get the stat increase. Having said that, you COULD guarantee an M.Power and MP gain (I think, if the formula isn't still stupid) by going from your max MP to 0. Agility is also not guaranteed since evasion can only go to 99, and the chance is rolled 0-255. So even if your evasion % is 99, you still only have a 99/255 chance of gaining Agility at the end of battle.