From my experience, regulating the current , its an characteristic of powerful power supply units.
Any sort of regulating circuity s , cause less clean DC output.
The first task that I found that the regulated current , its a must have ,
are when you repair car stereos, by limiting the amperes , you know just by the Amps , if it is damaged ,
and in what degree.
Limiting the Amperes, its called as protection, Low output power supplies it best to be protected by common fuses, and keep the design of those power supplies, as simple as possible.
About the use of LM317 as current limiter , I am not aware of that, but even so , just by the specs,
I do not see how one so small transistor , even with an wired pot , could be as useful to any one.
The only factor that most professionals seek in a well designed power supply, are Clean and Stableoutput.
The above simple idea could be easily effected by the temperature, so its not like an "set it and forget it" solution.