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from my experience it does seem to be all about the explosions that really lag and bog down your fps. Those ones tend to add a lot. I can pretty easily get it into the 200's and generally when I go farm the high health bosses I'll spend the extra couple of minutes to get it to 300+. It takes a bit longer but it's not too bad. I haven't been able to get any higher than 349 I think it was. So 1 bullet short of 50% of your total pistol capacity is my limit so far.
Although MasterKizz on YouTube got his to 452 I think in his video explaining the Evil Smasher Glitch so it is possible.
It's best to use the Evil Smasher glitch in combination with the Orphan Maker. It's much better than the Infinity.
Wouldn't you just kill yourself with the Orphan Maker? That many stacks of Evil Smasher Glitch and the fire rate would obliterate yourself. Even if the damage is minimal it still takes away the bee bonus and you'd be able to run out of ammo and have to reload.