Led + emitter follower regulator

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Thanks for the information,

Because of this:

Using 3-pin regulators off-piste: part 1

"For 5V output, a useful substitution is to use two green LEDs in series. These will drop about 1.94v each, or 3.9v across the two, with lower impedance than a 3.9v zener - which makes the output voltage setting more accurate, and with lower noise since the leds are forward-biased PN junctions. You also get bright green light to let you know the reg is working..."
 
Thanks for the information,

Because of this:

Using 3-pin regulators off-piste: part 1

That page was very specifically written (by me) for LM317 and similar adjustable 3-pin regulators.

Your circuit is not comparable; it will need informed revision to use LEDs instead, and infact in the circuit you post using LEDs would offer very minimal gains.
 
With one additional transistor, you can retain the advantages of a LED, but with added benefits, like much better static and dynamic performance, approximate temperature compensation, flexibility in output voltage setting and low drop-out feature.
Note that a real life circuit will need some kind of start-up method for a deterministic behavior. The exact implementation depends on the context.
 

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