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TLC6C5712-Q1: External shunt resistor to regulate the current

Part Number: TLC6C5712-Q1
Other Parts Discussed in Thread: TLC6C5912

Hi team,

I know this device is constant current regulator, but is it possible to use it as TLC6C5912 by using external resistor to set the LED current?

If I select the external resistor to limit the current lower than the current set by Riset of TLC6C5712, then I think the low side transistor will saturate and 

the LED current will be set only by the external resistor. 

Is my understanding correct?

Is there any concern if I use this device like this? 

regards.