I think you could get that indefinitely up yes!
If you go with http://us.battle.net/d3/en/item/band-of-the-rue-chambers FoT:quickenning + BoH:Infused with light, you're at 44 spirit per punch.
So you would need 1,48 (rounded up) attack speed to reach permanent uptime.
Not sure how powerful this would be as you could not use any spender without more attack speed and epiphany would be kind of a waste...
There certainly is something to do with this! Finally a generator build
It's pointless to go for the max spirit buff if you are only using generators, since it already gives 1% damage per spirit you have before you reach that cap as a bonus to generators. If you only want to use generators, you would simply raise your spirit cap as high as you can (passives, items) and always spend a bit of it with mantra power-presses or whatever else you like right before you hit cap. I don't remember offhand what the max spirit you can get with everything is, but it is probably higher than 300% anyway, with the added benefit of not losing it all due to spirit drain.
Apologies if someone already pointed this out.