I posted a better circuit, replacing the old one, at: http://www.geocities.com/russlk/vreg.jpg
As always, remember to copy and paste the URL because Geocities does not allow links.
I have not built it, so no guarentee. The value of L1 could be lower, but some inductance is needed to limit peak current. I used the MMBT2907A dual transistor because it was handy, most any pnp should work.