I think loudhoe is correct, to an extent. The camber changes throughout the suspension movement to maintain the tire's contact patch during body roll, this isnt directly a limit to travel. As you say twitch that is dealt with by the alignment, but there is only so much room to properly align the front, that could be a limit.
As for what really limits down travel is the shock when the normal length shock is in place. When a longer shock is installed, the next place that contacts is a metal bumpstop on the front of the upper a arm (if i remember right). Personally, I feel that enough hard contact with that bumpstop could result in knocking it out of alignment since its placed so close to the upper a-arm adjuster bolt. Your other obvious limitation is the CV joints. I would think that maxed keys would reduce CV life under normal 2wd conditions. Under offroad conditions, or 4wd anything Im sure you run a great risk of breaking one.