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The main function of R3(R5 inrevised sch ) is to offload a portion of the thermal load from the L7805. Assuming the FPGA/MCU current consumption is 30mA, the voltage drop across the 100-ohm resistor will be 3V. This reduces the voltage drop across the L7805, preventing heat dissipation from being concentrated solely on the L7805. I've changed the resistor package to 1206.
I would put there a 3.2V zener as the serial voltage dropper (HP does it in its high end meters, for example). But wired after that CLC low pass (like the R7 is wired)..