I also have doubts that it will work, but it should be possible. They have been making power supplies that have adjustable voltage and current controls for years, The first one I used was in the late 60's
I know of several currant limiting circuits, some are easily adjustable with a variable resister. The trick would be getting the computer to control it, and figuring out what size components to use. They usually are set to control max I, so that the circuit doesn't smoke to much.
Ive never worked with one but a digital potentiometer might work. https://www.sparkfun.com/products/10613
The voltage going to the current limiter could easily be controlled.
There are limits that can be explained by ohms law ie put 10 volts across a light bulb turn the maximum current down. The light bulb will dim, and so will the voltage. You just can't get around V=IR:
Here is one such circuit that could do the job of a current limiter.