Finally got around to making a demonstration video of my current limiting and short circuit protection circuit.
Using a LED as a dummy load might not have been the best idea but at least it visualizes the concept in a simple way.
The circuit is intended as an extra protection layer between a power supply and the circuit that uses it. Instead of blowing fuses or magic smoke in case of overcurrent or short circuit, this concept circuit could be tuned to protect the power supply quite well and cheaply.
Though in case of bigger normal loads, the transistor cant be a flimsy BC547. With any luck it might manage a few hundred mA but at 500 mA it’d probably burn up pretty quick.