If there's such a cap, it hasn't been found yet that I've seen.
With Ecliptic Attrition up perp cost being -30 per tick, you would be recovering HP 6 hp/tick with +36 pet regen. So yeah, should tick up not down. IRRC the luopan's HP will hang at 99% since the HP is ticking up, then down every tick.
Keep in mind that Luopans have a hard 10 minute time limit. They'll depop even at full HP after 10 minutes. So you can't keep one up indefinitely, but you can certainly keep a luopan up for 10 minutes with BoG and EA up with enough pet regen. At which point, recasts are back up, rinse and repeat.
The issue there is that on most content the luopan is going to take dmg. Thus the perp- isn't the only thing to worry about. Fitting in pet DT is a valid concern.