Is it possible to apply for a METV and return to Thailand mid-November after a 2-month stay and a 30-day extension?

If you use the METV for what it is designed for, being a tourist, and also visiting other countries as a tourist, and not simply taking the 30 day extension everytime, and just going to another country for a day, or two, and immediately returning, getting another 60 day entry stamp, and then taking another 30 day extension. When you take the 30 day extensions that sets off a red flag with immigration, and you are categorized as someone trying to live here long term on tourist entries, which immigration does not like at all. It is in your best interest to never take the 30 day extensions, and spend time in other countries being a tourist there, not just leaving Thailand, and immediately returning as quick as you can. Just remember, just because you have purchased a tourist visa doesn't mean immigration will let you enter.

Should be OK if you have no other history over the past 12 to 18 months, but you may have an issue if you try to squeeze a final entry out of it in the days just before it is due to expire