Dynamic clipping threshold control with regulator

[jbrrrrr]

If anyone's interested, here's a sketch of an effect I've been cooking up lately. Thought it might come handy for those that are keen in experimenting various effects stuff or just needing inspiration for new ideas.

@teemuk, would you happen to have your original schematic available to repost?  There's a modified version on this page but it is very low res - thanks for any help you can provide!