Well, IIRC, Quick has a mechanic that disallows a character effected by Quick to cast Quick on themselves again. So, I'd apply the same stipulations to any turn-granting abilities that get Counter Magic'd.
E.g. If Marco Trans-Turned Ramza and Counter Magic brought Marco's turn up again, Marco would be unable to Trans-turn Ramza again since Ramza still needs to take his current action (not just his Counter action).
Action 1: Marco Trans-Turns
->Ramza Counter-Magic's Marco
Action 2: Marco's turn, does whatever, but can't Trans-Turn Ramza
Action 3: Ramza takes his normal turn that he received from the initial Trans-Turn.
Next Turn: Business as usual.
So... yeah, it's a good combo, but not Unlimited Turn Works.