viability of idea for low voltage signal clipping (distortion) for guitar effect
Here's a partial solution that you could combine with the previous circuit. This circuit differentiates the input signal in order to locate where the peaks are, and then uses a set of sample/hold circuits to capture the values of those peaks. The outputs of this circuit could be used (with some voltage dividers) to set the clipping thresholds to some fraction of the previous peak's value. Not exactly what you asked for, but probably about as close as you can get with analog hardware.







simulate this circuit &ndash; Schematic created using CircuitLab