The better approach would be to use an op amp buffer to sum the shunt input with a control voltage, you increase your control voltage, the shunt current looks higher, and it current limits lower, and vice versa,
The inductor will already be doing current smoothing for you, what it wont do while current limiting is voltage regulation, this is where your idea for a linear regulator after its output would come in to play.
Be aware this will only function as a proper current limit for a Buck regulation approach, assuming the device allows 0 PWM when above current limit threshold. for a boost, current would still flow through the inductor,