Well, taking into account temporary variables used for calculations, as well as variables used to hold "internal" values or values shown on screen, I'd say given plenty of activities that require variable usage, you could easily surpass 100 or get pretty close to it.
Let's see how many I can come up with off the top of my head (Things I've already done/thought about doing):
1- Money
2- Discount variable for shops
3- Temporary Calculation variable for discount
4- Armor
5- Temporary Calculation variable for armor
6- Temporary Calculation variable for health
(From coffee grunt's scripts)
7- Health Packs
8- Health Pack calc var
9- Adrenaline Pills
10- Adrenaline Pill calc var
(For Vehicle script I made to test V1.07 of my Mod)
11- Max Velocity
12- Max Acceleration
13- Velocity
14- Acceleration
15- Temporary X variable
16- Temporary Y variable
17- Temporary Calculation variable for vehicle
(For Spy Bot script I made for 1.07)
18- Temp X Var
19- Temp Y Var
20- Temp Calculation var
(For Superpower Scripts)
21- Freeze Power activation variable
22- High Jump activation variable
23- Damage Multiplier variable
24- Increase Armor durability activation variable
25- Calculation variable for super powers
26- Second Calculation variable for super powers
(Leveling Scripts)
27- Player Current Level
28- Player Max Level
29- Player Experience
30- Player Needed Exp for next level
31- Calculation Variable for Experience
32- Calculation Variable for "Stats"
(Free Roaming Scripts)
33- Player Start location Variable
Let's stop there for now
Considering people will come up with tons more stuff to do with variables than I can think of right now, and the fact that we're already 1/3 of the way to 100, I'm willing to bet we'll be there in no time.
Personally, I'd be at ease knowing there is no limit than be required to not only keep track of how many I'm using but also what number each variable belonged to.
On top of not having a limit, if you're not using any variables, then they don't take up space. They're not predefined in my Mod and so, won't be taking up memory until they've been defined.
Add to that the fact that half of the aforementioned aren't possible with V1.09. And I'm not talking about vehicles/free roaming/armor/player statistics/super powers being possible in V1.09 either, I'm talking about you can't DO calculations with V1.09 if it's anything more complicated than adding and subtracting. Discounting the cost of an inventory item in a shop is pretty much impossible as you can't multiply/divide to find the appropriate percentage to be taken off.
And before we say anything about this, I'm not advertising for Ply's Mod... you just happened to ask the right question.
[EDIT]
For V1.09, take all of the values to be shown on screen (Money/Armor/Vehicle Fuel/whatever) and multiply it by the max number of digits you want to be seen, since in V1.09 there is no easy way to show things on screen. Using Conjured's method of displaying variables in V1.09 you're going to need a seperate variable for each digit in the "numeric hud".
[/EDIT]
The one and only,