could i potentially use a transistor to limit current that goes on through the emitter to the device? I mean, by placing a correctly valued resistor in series with the base of transistor, to control the saturation current?
Yes... You can use a resistor (or something else) to control the base current, and as long as you are not in saturation, the collector current is proportional to base current (multiplied by the beta). In that case, the transistor is operating "linearly", not as a switch. You can use someting to "linearly" dim an LED.
When you are in saturation the load device (and voltage) determines the current. If you reduce base current to the point where you are no longer in saturation, the transistor begins to limit the current.
When you are operating lineraly, the transistor will "see" voltage and current at the same time. It will dissipate power, and it will heat-up. So, you have to be aware of the transitor's power rating as well as it's current rating, and in some cases you need a heatsink. That is, you can burn-up a 1 Amp transistor with much less than 1A if you are dissipating power. With an LED, this is usually not a problem.