I used the MC1566L to build a high performance, high voltage power supply some years ago. It was variable, up to 1,000 volts, the accuracy and stability exceeded .001%, the limit of the test equipment. It would be quite difficult to produce similar performance using today's voltage regulator chips to achieve similar specs. Granted, it is a little more complicated and requires a floating power supply but that can be a very good advantage. It combines both voltage and current regulation in one package and it is quite accurate in both modes. It does require careful design of the resistors and I do not recommend straying from the recommended circuitry, that can cause unexpected problems.
If you read the data sheet carefully, it states that the voltage limit is unlimited, limited only by the pass transistor ratings, so yes it can go well beyond 250V. I cannot say how well a discrete version of the chip performs, be advised that a discrete version may or may not completely duplicate the chip accurately. It is unfortunate that Motorola discontinued this chip but they are available yet, I advise caution on overseas sources, they might not be genuine.