a lot shamir's secret implementations can handle M of 256 as it uses a 2^8 field
but the shnorr's can handle arbitrary number of M of N. Not sure if it is practical but you could setup a M = 500,001 of N =1,000,000 to get a majority of 1 million accounts.
I wouldnt recommend it as it will probably blow up somewhere, but the current multisig implementation is not using fancy crypto, just a brute force list of pubkeys, so all the N pubkeys need to go in the blockchain. Current limit is 15 or 16 using compressed pubkeys. For older altcoins N = 3 is the most due to strict limits on script sizes
James
P.S. Another reason for more security is that by disclosing the pubkey msig addresses are not cold as the pubkey is known. However, short of using bad RNG, I wouldnt worry too much about revealing pubkeys until QC's become more widespread