Is this forum a place for Buddhist Hermeneutics? Buddhist Hermeneutics could be the objective study of Buddhist texts (from my limited understanding).
Is hermeneutics possible in Buddhism? There are so many allegories and parables in Buddhist texts, I feel that an objective study of these texts would be a good first step towards proper interpretation. Am I wrong?
Even if we can't make sense of all of Buddhist teaching, at least we can read the texts properly (in proper contexts).
You're going to find two schools of thought on this:

Fundamentalist sects will hold that the original teachings of Gautama Buddha are 'perfect', and that anything which appears to be revisionism is an aberration or misunderstanding
Progressive sects will hold that any written expression is limited and flawed, so the teachings of Gautama Buddha must adapt to changing contexts and climates as the world moves forward

Neither position is right, and neither is wrong; they reflect different worries about the preservation of the teachings, and as such are inherently dukkha. The teachings will fade away, and they will be recovered in a different form. Clinging to the future, clinging to the present, clinging to the past... the operative word is 'clinging'.
Everyone who encounters the dharma will go through a period of hermeneutics, be it formal or informal. We all try to grasp the dharma intellectually, one way or another. That intellectual struggle is a way of tending a field (clearing, hoeing, weeding) in which understanding can grow. Understanding is not something we create through these efforts — like any crop we can prep the field, but then we have to sit and wait to see what grows — but the hermeneutic process helps. Some hermeneutic paths lead to fundamentalism, some lead to progressivism, some lead elsewhere... The point to remember is that all paths are meant to lead beyond the teaching to bone-deep understanding.
Don't think of hermeneutics as objective. Hermeneutics is intra-subjective: a way of engaging in dialog with a teacher to reach a common worldview. The intention shouldn't be to learn, i.e., accumulate objective knowledge. The intention should be to see: to un-cloud our eyes and gain perspective.