voltage regulator in place of clipping diode

[9Lives]

HI everyone, it's been a while since I've posted as I have been venturing in to radio to learn more about proper electronics before learning how to properly mangle a sine wave.

During my studies and construction of 20 cb radios I've learned a lot about different types of voltage regulator. It reminded me of all the different ways I tried to diode clip.  Every pdf and page I read showed diode clipping as improper. I purposely tend to over engineer bc I learn more.

My question is if I use some type of variable regulator will it work in place of the typical diode clipping config. My intention is to try and and adjust the level of clipping in a unique way. 

Seems to me that unless there is something I'm misunderstanding about this it should work well. Any info or tips would be appreciated.

[9Lives]

When u said improper I meant that in other applications involving power.

[9Lives]

One last addition. I'm using a discrete built regulator not lm317