as for the meters, the voltmeter will be on the output, and the ammeter after the regulator but before the feedback network, so it just looks like a trace to the regulator,
as for limiting the current you can do similar to Dave's power-supply approach, by raising the voltage on the feedback pin, likely an op amp/ comparator (powered off unregulated supply) via a diode, and a second op amp to measure the current (differential measurement), to this point you can measure across your ammeter shunt and save yourself the trouble of 2 shunts,
if you want to simplify it down to 1 op amp, move your ammeter to the negative return, and measure the voltage across it, just make the negative of your feedback and the negative of your output capacitance on the external side of the shunt, so it doesn't cause any voltage drop issues,