I once spent about 3.5 hours taking out a nick on the yellow -you know the story- and then some more on blue and yellow to shape the bevel and sharpen it.

By that time I had honed it so much that it was shaveready. I just stopped when the edge looked nice. and that was that.
I don't think you can overhone on blue and yellow, but that's just me.

Of course, if you hone too much with a very thin razor, the edge might be thin and fragile and break off. So maybe it is still possible to hone too much, but this will not be immediately apparent in the shaving experience.