yes.. you can clone a clone of a clone of a clone...
you'll have to do some root management or regenerate it occasionally... how big you need it to be depends on how many clones you intend to take off of it... if only a few at a time, you can keep small mothers, therefore many of them in a small tent. small pots mean shorter time before root trim or regenerating a new mother from a clone. they are nice, but definitely add expense and maintenance/effort to your life.
it's good to take a couple extra. you'll have options if 1 isn't looking right for any reason - pathogen or maybe a mutation/defect in that one cutting but not the rest of the plant etc. eventually a clone will simply fail, too. Even if you have a great process, and it will happen on the greatest plant you've ever grown to that point, i promise, lol.
while you can keep a plant for potentially a decade or more, some develop hardened ovules. makes the weed taste like shit. Can always breed it and try to preserve the traits you like.. maybe a sister or another similar plant from a different strain.. can self it, but that tends to result in less robust generation of plants. smaller buds, less resistance to problems.