I don't know if the target is a pc fan like the first circuit but in that case just use +12 to one fan terminal and +5 to the other and you get 7V to the fan. that's a common trick for reducing a fan.
Hi all
LM317 is perhaps the best and you may have one fixed voltage at 7.5 and also usea concealed switch(to prevent accidental switch over,) to go to variable mode and get adjustable supply even. the advantage is it can deliver 1.5 Amps if properly heatsinked.