You'll be able to advance to King if that is your ultimate goal. It wouldn't be an easy feat, but it could be done.
Once the game launches, there will be nothing more than Sparks of Life and Souls to buy in the "store".
No one advances faster than you have time to play as far as is understood so far. It wouldn't matter if you spent 35$ or 10,000$. So, in that sense, you would be on the same footing.
The status of your character's social standing doesn't really matter in how fast or slow you advance your skills or goals.