Looking into the source, there doesn't appear to be a limit... but you MAY not want to go too extreme since the way the decals work is by actively changing the UV mapping of the decal on a flat plain and it would entirely rely on the size of your image. (Obviously, the bigger image you use, the more memory you're using up)
This is what I mean by the "down" not working but it still reading it correctly:
Across and Down are supposed to tell FPSC how many frames "across" and how many frames "down" you have in your decal image, right? Well, FPSC reads those in just fine! However, when UV mapping the plain, it doesn't use the "down" property, it instead uses "across" for all the calculations.
To put this into an example - You put in 7 for "across" and 3 for "down"... this means you have 21 frames, right? But instead of chopping up your image into a 7x3 grid and texturing it like that, FPSC just uses "across" for both dimensions and chops it up into a 7x7 grid, creating 49 frames! But sinc it use the "down" to calculate frame count, it will only play the first 21 of those 49 frames that it made.
The one and only,
Those who live in the past, are destined to insanity. Those who live only for the future, will be slaves to their ambitions.
Those who live in the moment... only they, are truly happy.