Anything more than that will be dissipated as heat
No any excess above 5V is dissipated in heat.
The other issue I have is the load (Android phone) is pulling well over 1.5A (which it doesn't need, but its taking what i can).
Rubbish you do not understand basic electricity. If a device is pulling 1.5 A it needs the current, any attempt to limit the current will result in a lowering of the voltage and then the device will not work.