In attempting to answer this question the knowledge gap between those who actually work every day on the infrastructure and traincrew who have only a passing familiarity with anything outside the train is once again apparent. A T-COD is categorically not the same as a set of track circuit operating clips. The latter is designed to be used only once, as part of emergency protection after an accident as you rightly state, and must be discarded after use as it can't be relied upon to work more than once. A T-COD, however, is a reuseable device which is designed to drop a track circuit as a means of additional protection for a line blockage. As it is reusable it is significantly beefier and has screw clamps to attach it to the rails rather than the spring things of the track circuit operating clip.
As for the original question, neither Rule Book Handbook 8 section 2 nor the General Signalling Regulations section 13 shed any light on the matter, although GSR13 does mention in passing that more than one T-COD may be placed if required.