I would like to make different combinations of fortify smithing - alchemy gear and different strength fortify enchanting potions so I have options on make or break the game (such as improving leather to the cap or making a decent steel katana but not overpowering other weapons or armor$
The wiki talks about being able to do two cycles or iterations using fortify enchanting potions and then they stop increasing enchantment.
Does this mean I have only one shot at it or can I use my fortify enchanting potions as often as I want after I get them to the level I want?

Good question. I want this answered too. Anyone?

Bump! Anyone?

When you make any potion, you can wear up to four pieces of clothing with the Fortify Alchemy enchantment. You could adjust the strength of your created potions by equipping different gear.

There are two parts to this. First, after you increase the efficacy of Fortify Enchantment potions twice via use of Fortify Alchemy gear, it will not go up any further. Second, any potions made after you so increase it will work just fine, and you can make as many as you want or until you run out of ingredients, whichever comes first.

Fortify enchanting is weak, it will only give you a boost from +25% to +29% on skill bonuses and +40 to +48 on weapon damage bonus.
Now if you smith, you could do so without smithing gear or without smithing potion, it will reduce the upgrade.