The HRP is an enzyme so it isn't a component of the reaction. By definition, enzymes only catalyze reactions but aren't an actual component of the reaction. As such they don't get used up during the reaction and are able to continually catalyze molecules until they run out of luminol in this case. The only thing to be concerned about is the membrane drying out and denaturing the HRP.
An anecdotal story, but I remember an intern dropped an extremely diluted microliter (~1/200k) of HRP conjugate into a liter bottle of TMB (A liquid that turns blue after exposure to HRP) and the entire liter bottle turned deep blue overnight. So a tiny amount of enzyme definitely didn't get used up despite a massive molar excess.