Poderia o Palantír ser inutilizado sem destruí-lo fisicamente?
Certo. De fato, na época da Guerra do Anel, a maioria dos sete palantiri que já esteve na Terra-média é inutilizável por uma razão ou outra. Dois deles afundaram com o navio do último rei de Arnor no ano 1975 da Terceira Era:
1975 Arvedui drowned in the Bay of Forochel. The palantíri of Annúminas and Amon Sûl are lost.
-- Lord of the Rings, Appendix A
A pedra de Osgiliath foi perdida durante o saque daquela cidade no ano 1437. Pode ter caído no Anduin ou ter sido fisicamente destruído; em qualquer caso, é inutilizável:
1437 Burning of Osgiliath and loss of the palantír.
-- Lord of the Rings, Appendix A
Tolkien Gateway (o que é incomum para um site wiki ser muito confiável) tem uma longa seção sobre isso:
One by one the stones vanished from public knowledge or were lost. The Osgiliath-stone fell into Anduin during the Kin-strife and burning of that city in T.A. 1437. When Arvedui, King of Arnor, was shipwrecked and his line ended in 1975, he drowned with the palantíri of Amon Sûl and Annúminas, the only communicating stones of Arnor. When Minas Ithil fell in 2002, the stone was assumed destroyed in general. The wiser and more foresighted men of Gondor decided that in case Sauron had seized the Stone, they would stop using the Anor-stone to prevent any contact with the Dark Lord. As the Elostirion-stone was locked away and could not answer the other stones anyway, the only remaining stone was the Orthanc-stone, which became useless to the Gondorians. [...]
The final fate of most of the stones is unknown. The Elostirion-stone was taken west with the Ring-bearers in 3021 of the Third Age, severing the last link of Middle-earth to Valinor. The stones of Anor and Orthanc are believed to have been reinstated in the Reunited Kingdom and used officially once more. The Ithil-stone may have been destroyed in the fall of Barad-dûr, but it is also possible that it too was found and reused in the Reunited Kingdom. Whether or not the other three lost stones were ever found is never indicated; the Osgiliath-stone may have rolled into the Sea, or it may have lain still in the Anduin. The stones of Arnor, however, were lost in the frozen seas of Forochel, and therefore it is highly unlikely that they could ever be recovered.
(emphasis mine)