Joking aside, I think it's the difficulty of sheeting a tall sail that finally limits the AR. The higher you go, the steeper the angle of the upper part of the sheeting system, and the less effective it is at pulling the sail in, the worse it is at distorting the sail vertically. Also, the harder it is to control twist.
If you really want to go very high, I think that separate upper and lower sheets are a must, with the upper sheet able to be shifted up to the weather side.
How high? I don't see any difference between split rig and other forms of junk rig. I'm using a sail of AR = 2.3 with upper and lower sheets, and that's fine. PJR deals with AR up to 2.78, but I think I'd have difficulty sheeting a sail like that. I'd guess that AR = 2.5 is a sensible upper limit.
I don't suppose that there's a practical lower limit for AR. Oryx has had very low AR sails of various types. However, I can't see any reasons for going lower than Fantail, at AR = 1.5