I set it and forget it. But I'd safely say you could 20 or 30 times as long as you didn't tear them while seating the rings together. I do not lube any of my silicone rings. With the exception of summer time if I am sweating. Diluted baby shampoo is multi-purpose. You can also spray your mask with it to prevent fogging.
Truth be told (and the reason why wanting to remove rings) I also bought the Antares hard rings to clip the silicone seals in the suit. They were cheap enough so I figured why not. My theory was if I want to switch to a thinner wet glove I could also switch out from the round Ultima rings and go the Antares oval for better movement. I'm not sure if that'll actually become a reality, but that was the plan. It sounded good in theory, but the round Ultimas really aren't all that big to begin with.