From the 'max_ammo' script: Does this mean that you could actually run out of melee 'ammo' if you do it 999 times without dying?
scaredy bob, if you managed to run out of fist ammo while actually using it, then the other team is so full of fail that even would stop yelling.
Tried it, doesn't run out; I put it on host_timescale 17 and hit the mouse with three fingers for a good few minutes.
Can't you just set it to 1, get a friend with the same change to join your server and see what happens?
I think the code ignores the setting, it's just there so there are no console errors or something. I can't be sure though, ask a coder.