Both of you need to go look at that schematic again. Up to CR-1 (The selenium rectifier) that's all AC voltage. Coming up with all these fancy schemes are gonna smoke on you unless you RECTIFY the AC voltage first. Take your choice. Half wave. Full wave. But do THAT first.
I, for one, am fully cognisant that it's AC. I'm suggesting a rectifier circuit that mimics the voltage drop of the Se rectifier. Thusly:
On the left, just a selenium diode.
In the middle, the classic resistor plus Si diode, that will have highly variable voltage drop depending on load.
On the right a V
be multiplier with resistors in the ratio 1:5 (ideally 1:5.7) produces a fairly constant 5V drop across the whole assembly. The reserve biased diode is to ensure that leakage current from the main rectifying diode doesn't reverse bias the transistor beyond breakdown.
Apologies for the crude diagram, but...
Edited to add: I was, as the diagram clearly shows, working off Med's original 5V, if as others appear to be saying it's only 1.2V in this case then it's all moot - an simple extra silicon diode would do the trick.