Sperm formation - Frequent Ejaculations
The arithmetic of human sperm
A young, healthy man produces about 1000 sperms every second, which comes to about 90 million per day [1]. These sperms are stored in the epididymis and ductus deferens until ejaculation. With several days of storage, the number can easily become big enough to allow for multiple ejaculations on the same day.
The maturation period of 64 days does not matter here, because sperms form and mature asynchronously [1]. While one spermatogonium is on day 1 of its life, another is on day 2, another on day 3 and so on. Only those sperms that are mature are released from the testes (NOT directly in semen, but into the epididymis for storage).
Does semen normally contain sperm with abnormal morphology?
Yes. Even men in whom 96% of the ejaculated sperms have abnormal morphology can successfully conceive [2].
What happens on ejaculating repeatedly?
This has already been assessed in several studies [3–5]. Overall, the results have been that with repeated ejaculation in quick succession,

Semen volume decreases.
Sperm count decreases (pointing to sperm depletion) but not to zero.
The percentage of sperms with abnormal morphology remains unchanged.

Hope that answers your questions.
References

Mesiano S, Jones EE. The male reproductive system. In: Boron WF, Boulpaep EF, editors. Medical physiology. 3rd ed. Philadelphia: Elsevier; c2017. p 1092–1107.
Cooper TG, Noonan E, von Eckardstein S, et al. World Health Organization reference values for human semen characteristics. Human Reproduction Update. 2010 May–Jun;16(3):231–45. doi: 10.1093/humupd/dmp048
Oldereid NB, Gordeladze JO, Kirkhus B, Purvis K. Human sperm characteristics during frequent ejaculation. J Reprod Fertil. 1984 May;71(1):135–140. doi: 10.1530/jrf.0.0710135
Zvĕrina J, Pondĕlícková J. Changes in seminal parameters of ejaculates after repeated ejaculation. Andrologia. 1988 Jan–Feb;20(1):52–4. doi: 10.1111/j.1439-0272.1988.tb02363.x
Mayorga-Torres JM, Agarwal A, Roychoudhury S, et al. Can a short term of repeated ejaculations affect seminal parameters? J Reprod Infertil. 2016 Jul-Sep;17(3):177-83. http://www.jri.ir/article/674