How I would love to keep hoping... But I have no doubt Blizz will close any exploits in this matter and prevent Perma-Archon. With the new mechanics, that thing would just obliterate the game.
Ahh but therein lies the rub. On PC, absolutely. Blizzard can patch and make changes whenever they see fit(you are really at their mercy on PC and they never tire of letting you know it lol)
But the console release, whenever it happens, will likely again be a static snapshot of the PC game at a certain point in time. The key question then becomes is perma archon possible in THAT version of the game.
For instance, as an example, if ROS was released on console tommorow based on the PC games current state I could tell you yes, its possible, or near possible. Its difficult and requires alot of gear drop RNG luck, but its possible.
So it really will depend on where the game is AT the time its released for console. On the PC, yea, Im certain Blizzard will eventually eradicate it, but not right away. As I said, there are alot of really clever players on PC who will find ways around it in spite of Blizzards nerfs.