Yes, the EV and SD equations that I wrote out with words can be modified for however you see fit. You can do them for one bet where NumBets = 1, or you can average them over the course of your session where you'll need to estimate how many bets you made, the average house edge (if you're not always betting the same bet - though PL and Come are same HE) and you'll need to know your "average" bet. So if you bet $10 99 times and $1,000 1 time, then your average bet would jump up due to that outlier... 1010/100 = $101 average bet.
To answer your yes/no question.... YES, after X amount of bets (adding up to X amount of time in a casino) it will be mathematically impossible for you to be up. HOWEVER, if you're basing the massive majority of your action on your odds bets (which I'm sure you are) then you could add enough 0% HE variance to leave room for "luck." Even after a long enough time (aka enough bets) that would still be impossible to be up, but the more variance you add to the game the longer you have to have a chance to be lucky and still be up, if that makes sense.
For example, if you were JUST playing the $10 DP/DC with NO odds:
EV(1 million bets) = (1,000,000*10)*(.0136) = -$136,000
SD(1 million bets) = Sqrt(1,000,000) * 9.9 = $9,900... 2SD = $19,800
So after ONE MILLION Don't Pass / Don't Come bets (no odds) it would be mathematically IMPOSSIBLE for you to be up... You could expect to be DOWN -$136,000 +/- ~$20k... So even if you were lucky, the best you could do is -$136,000 + $20k = -$116,000.
What your odds bets do is add variance, which is going to make your SD's larger. So instead of +/- $20k it might be something like +/- $200,000... THEN if you were really lucky you COULD still be up because -$136,000 + $200,000 = +$64,000.
***Do note: Variance works both ways and you could just as equally be more unlucky and be -$136,000 - $200,000 = -$336,000... though with the variance at least this way you have a 'chance' of being up, mathematically speaking.
This is why the "tighter" casinos have LESS odds. They want to tighten that range so you'll be a loser over time for sure. This is why the house wins in the long run on games they have an edge on... Because you can't mathematically win. Which is why AP'ing is so nice because you can flip those odds on them and if you play long enough, you can't mathematically lose =).
Playing it correctly means you've already won.