The sky is the limit. I don't think ebay has any set limit. Heck, they want you to run as many as you want. Some store sellers have upwards of 1,000, 2,000, 5,000, 10,000, 15,000+ concurrent listings on ebay. You can have as many as you want.
Most sellers that I run in to typically will have 10 - 20 listings at any given time. You do what you are comfortable with.
You can sell under multiple ebay seller IDs. You don't need to have all your listings under one seller ID.
One seller I know lists her run-of-the-mill stuff under one ID, and her risque naughty lingerie items under a completely different ID. None of her buyers ever know about the other user ID, and if they do happen to stumble upon it, they would never know that all the items originate from the same seller.
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