In short, ideally the cobalt resin can be reused multiple times without any problems; however, reducing agents can damage the column (chelate the cobalt). Both personal experience, and from various manuals and papers, it appears that DTT and TCEP even in minor concentrations (2-3mM), can damage the column. Beta-merc (5mM) does not appear to be as detrimental; however, my assumption is it is still slightly damaging and will reduce the efficiency of the column over time. I've used a single resin ~20 times with 5mM B-merc to purify multiple proteins, and have noticed some inconsistencies between my protein yields lately. I'm curious whether this is from my resin or some other factor in my expression/purification pipeline.
I've seen multiple sources state the resins are compatible with B-merc under 20mM; but I haven't found anything that discusses the lifetime of the resin with and without lower concentrations of B-merc.