There are lots of different pH buffers in soil, the main ones are probably clay minerals and organic matter. I believe that if your (soil based) medium starts out at the pH you want, and isn't subject to anything too extreme during the grow then I doubt that you would have any problems.
I don't think that you can "wear out" most of the buffering mechanisms (small lime particles can be dissolved by acidic water, neutralising it, but when they're gone that's it), although some of them may degrade or change over time. If you count the lime reaction as a buffering mechanism then yes you can wear the buffering mechanisms out. I can't think of a comparable mechanism that would resist upward pH deviation similarly (as might be your issue).
Watering with rainwater, although it can be fairly acidic, is good because it has very little buffering capacity of its own, so won't "fight against" the natural pH of the soil. Continuous watering with high pH water, when you are really after a more neutral pH might cause the kinds of cumulative problems that you are talking about. It is possible that if you have very hard water you might be gradually increasing the pH of the soil. A gradual shift to higher pH would probably reduce the availability of some nutrients.