You have to leave the table as soon as you get past 1.5x the minimum buy-in though. It was mainly done on Party Poker, which was the only site dumb enough to let you cash out and then return to the table for the min again. Any other site either made you bring back what you left with or wait an hour.
On a site with enough tables in action, though, even that would not be a limitation. A bot could do fairly well at it.
Also I can tell you from first hand experience that breaking even at low stakes NL sit and goes can be done with an AI consisting of nothing but if/then statments. I did this with WinHoldem back in the days before it was banned from everywhere. I wasn't able to replicate that success with limit. The main problem with WinHoldem was that it didn't join or leave tables on its own (also, it would often bug out when the tournament got heads up), which meant that the time spent managing it made it less profitable than just playing myself.
That's why we tried to build a bot ourselves. Maybe I'll blog about that some time.