I want to drive a board with 5V and 3.3V but my input voltage is around 40VDC. The board will draw around 750mA. If I check the voltage on NODE1 without the 7805, I've got 28V. With the 7805 connected, the voltage drops to 1.6V on NODE1 R2 is a 10K POT to adjust the voltage. I used LTSpice to simulate the circuit and when the NODE1 draws:
800mA --> 28V 840mA -->
simulate this circuit – Schematic created using CircuitLab